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November 15, 2006 at 04:40 AM
A giant British insurer has closed on a major player in the U.S. equity indexed annuity market.
Aviva P.L.C., London, agreed in July to pay $3.1 billion in cash for AmerUs Group Company, Des Moines, Iowa.
Aviva financed the deal with a combination of cash on hand, proceeds from a stock sale, and borrowed money.
AmerUs shareholders approved the deal in October.
Aviva generates the equivalent of about $63 billion in sales per year. The company made an unsuccessful effort earlier this year to acquire another large U.K. financial services company, Prudential P.L.C., London, the parent of Jackson National Life Insurance Company, Lansing, Mich.
AmerUs reported $191 million in net income in 2005 on $1.6 billion in revenue.
