NU Online News Service, Dec. 18, 11:48 a.m. – Scottish Annuity & Life Holdings Ltd., George Town, Grand Cayman, says its shareholders have approved plans to acquire a reinsurance unit from Pacific Life Insurance Company, Newport Beach, Calif., for $78 million in stock.
Scottish Annuity announced an agreement to acquire the unit, World-Wide Reassurance Company Ltd., Windsor, United Kingdom, in August.
Scottish Annuity hopes to complete the deal by Dec. 31.
Scottish Annuity, a company that reinsures life insurance policies and annuity contracts, would get a company with $166 million in assets that provides reinsurance for life insurance companies outside the United States.
Pacific Life would end up with a 22% stake in Scottish Annuity, and two top executives from Pacific Life would join the Scottish Annuity board.