An insurer has agreed to hand a business that serves independent broker-dealers over to another company.
Lincoln Investment Planning Inc., Wyncote, Pa., is acquiring the independent broker-dealer business from Great American Financial Resources Inc., Cincinnati.
Lincoln Investment, an independent broker-dealer, and Great American, a unit of American Financial Group Inc., Cincinnati (NYSE:AFG), hope to complete the deal by mid-August.
Great American says the deal agreement calls for it to stop providing retail brokerage services to independent registered representatives.
Great American would continue to sell variable annuities through unaffiliated broker-dealers, the company says.
Great American also would the operations of its Great American Advisors unit that it needs to support its variable annuity and retirement plans businesses, the company says.