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Scottish Annuity Re Scoops Up World-Wide

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NU Online News Service, Jan. 2, 2:53 p.m. – Scottish Annuity & Life Holdings Ltd., George Town, Grand Cayman, says it has completed previously announced plans to acquire a reinsurance unit from Pacific Life Insurance Company, Newport Beach, Calif., for $78 million in stock.

Scottish Annuity announced the agreement to acquire the unit, World-Wide Reassurance Company Ltd., Windsor, United Kingdom, in August.

Scottish Annuity, a company that reinsures life insurance policies and annuity contracts, has added an operation with $166 million in assets that provides reinsurance for life insurance companies outside the United States.

Pacific Life now has a 22% stake in Scottish Annuity and two seats on the Scottish Annuity board.