NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life Insurance Company and Scottish Re Group Limited (OTC: SKRRF - News) announced today that a definitive agreement has been signed whereby Pacific LifeCorp, the parent company of Pacific Life, will purchase the International Life Reinsurance segment of Scottish Re Group Limited. The new operation, to be called Pacific Life Re, provides reinsurance solutions to insurance and annuity providers in the United Kingdom and Ireland and to insurers in selected markets in Asia. The purchase price is $71.2 million, subject to certain potential downward adjustments. Other terms of the purchase agreement were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions, both of which are expected to be achieved during the third quarter of 2008.“The purchase of Scottish Re’s international business is a great opportunity for Pacific Life,” said Pacific Life’s Chairman, President and CEO Jim Morris. “Scottish Re’s international business has great growth potential and this transaction provides Pacific Life a practical way to access the growing UK and Asian markets. I am very impressed with the current management team and believe that their expertise, with the support of Pacific Life, will allow us to realize the growth potential that exists.”
Through this purchase, Pacific LifeCorp will acquire the following assets:
Scottish Re Limited (SRL), a London-based life reinsurer; Scottish Re Holdings Limited, the holding company of Scottish Re Limited; International segment business written by Scottish Annuity & Life Insurance Company (Cayman) Ltd. together with certain business retroceded within the Scottish Re group; and, the staff and physical assets based in Singapore and Japan.
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