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January 03, 2019 at 11:31 AM
Western & Southern Financial Group announced the completion of its purchase Gerber Life Insurance Company Wednesday.
Western & Southern paid $1.55 billion to acquire the company from a unit of Nestlé S.A.
Officially, the deal closed on Dec. 31, 2018.
The deal includes “a long-term license to use certain Gerber Life intellectual property, including the Gerber Life name and Gerber baby logo, in connection with certain financial services,” Western & Southern said.
(Related: Western & Southern Agrees to Acquire Gerber Life From Nestlé)
Western & Southern is a Cincinnati-based life insurer that was founded in 1888. The company is a major writer of life insurance and annuities, and it controls or manages about $75 billion in assets.
The History
Gerber Life is a White Plains, New York-based offshoot of the Gerber Products baby food maker.
The baby food maker was founded in 1927, in Michigan. The baby food maker began selling life insurance in 1967.
Nestlé itself acquired Gerber Products from Novartis, a pharmaceutical maker, in 2007, for $5.5 billion.
