NU Online News Service, Aug. 6, 2:45 p.m. – Scottish Annuity & Life Holdings Ltd., George Town, Grand Cayman, has agreed to acquire World-Wide Holdings Ltd. and its subsidiary, World-Wide Reassurance Company Ltd., from their parent company, Pacific Life Insurance Company, Newport Beach, Calif., for Scottish Annuity stock with a current value of $78 million.
Completing the deal would give Pacific Life a 22% stake in Scottish Annuity, making it the company’s largest shareholder.
Glenn Schafer, president of Pacific Life, and Khan Tran, the chief financial officer, would join the Scottish Annuity board.
World-Wide Reassurance is based in Winsor, England. It provides life reinsurance to insurance companies outside the United States. It also acts as a retrocessionaire, or provider of reinsurance for reinsurers, for U.S. reinsurers.