Life Re Corporation Announces Proposed Acquisition of Lincoln Liberty Life Insurance Company and First Delaware Life Insurance Company.STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 9, 1998--Life Re Corporation (NYSE NYSE See: New York Stock Exchange :LRE LRE Long-Reach Ethernet LRE Least Restrictive Environment LRE Law-Related Education LRE Long Range Ethernet (Cisco) LRE Launch and Recovery Element LRE Latest Revised Estimate LRE Lead Responsible Engineer LRE Low Bit-Rate Encoding ) today announced that it has entered into an agreement to acquire 100% of the outstanding stock of Lincoln Liberty Life Insurance Company of Omaha, Nebraska “Omaha” redirects here. For other uses, see Omaha (disambiguation). Omaha is the largest city in the State of Nebraska, United States. It is the county seat of Douglas County.GR6 As of the 2000 census, the city had a population of 390,007. and First Delaware Life Insurance Company of Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. for an estimated purchase price of $50 million, including adjusted capital and surplus and AVR (Automatic Voltage Regulation) See voltage regulator. of approximately $29 million. The agreement, which is subject to certain conditions, including insurance regulatory approvals, targets a closing date in the first quarter of 1998. Lincoln Liberty's and First Delaware's business primarily consists of traditional and universal life insurance policies. For the year ended December 31, 1997, the companies, on a combined basis, had estimated premiums of $7 million and, at year end, estimated total assets, including adjusted capital and surplus, of $219 million. "The acquisition of Lincoln Liberty and First Delaware marks continued progress of our Administrative Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. (SM) line of business. We are pleased that this transaction, and our previously announced agreement to purchase Mission Life Insurance Company of Houston, Texas, are anticipated to close during this year's first quarter," said Rodney A. Hawes, Jr., Chairman of Life Re. Life Re Corporation is a leading provider of ordinary life and group life reinsurance in the United States through its principal subsidiary, Life Reassurance Corporation of America. CONTACT: Bruce I. Weiser (203) 321-3084 |
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