Pacific LifeCorp has closed on part of plans announced in June to acquire the international life reinsurance operations of Scottish Re Group Ltd.
Pacific LifeCorp, Newport Beach, Calif., said when it announced the deal that it had agreed to pay Scottish Re, Hamilton, Bermuda, about $71 million for the operations.
The seller, Scottish Re, Hamilton, Bermuda, is a life reinsurer that has been struggling to cope with the turmoil in the world investment markets.
Pacific LifeCorp now has completed efforts to acquire Scottish Re Holdings Ltd., London, and other Scottish Re operations that sell reinsurance to life insurers and annuity providers in the United Kingdom and in Ireland, Pacific LifeCorp says.
Pacific LifeCorp hopes to complete efforts to acquire Scottish Re operations that sell reinsurance in Asia in August, Pacific LifeCorp says.
Pacific LifeCorp is changing the name of the operations to Pacific Life Re.
The Scottish Re operations have about 80 employees in London and 15 employees in Singapore and Tokyo.
David Howell and other current Scottish Re international operations managers will continue to work for the business, Pacific LifeCorp says.