Pacific LifeCorp has agreed to pay about $71 million for the international life reinsurance operations of Scottish Re Group Ltd.
Pacific LifeCorp, the parent of Pacific Life Insurance Company, Newport Beach, Calif., would get Scottish Re Ltd., London, and other Scottish Re operations that sell reinsurance to life insurers and annuity providers in the United Kingdom and in Ireland, and to insurers in some markets in Asia.
Pacific Life hopes to get the regulatory approvals needed to complete the deal by Sept. 30.
The final purchase price could be subject to “downward adjustments,” Pacific Life says.
The seller, Scottish Re, Hamilton, Bermuda, is a life reinsurer that has been struggling to cope with the turmoil in the world investment markets.