Global Bankers Insurance Group (“Global Bankers”) announced on 14th of June that one of its affiliates has entered into a definitive agreement to acquire Pramerica Life S.p.A. (“Pramerica”) from a subsidiary of Prudential Financial, Inc. (“PFI”).
The Global Bankers affiliate acquiring Primerica Life S.p.A. is Bankers Insurance Holdings S.A. in Luxembourg, the holding entity of GB Life Luxembourg S.A. This reconfirms Luxembourg’s position as a European hub.
For more information, please see hereunder the press release from Global Bankers.
(London, United Kingdom) – Global Bankers Insurance Group, LLC (“Global Bankers”) announced today that one of its European affiliates has entered into a definitive agreement to acquire Pramerica Life S.p.A. (“Pramerica”) from a subsidiary of Prudential Financial, Inc. (“PFI”). Headquartered in Milan, Pramerica is an Italian insurance company focused on protection-oriented life insurance products with €1.1 billion of total assets as of 31 December 2017.
Matteo Castelvetri, Managing Director of Europe for Global Bankers, said that the acquisition marks Global Bankers’ entrance in the Italian insurance market, one of the most attractive in Europe. “We are proud to take over the legacy of PFI. We see a strong opportunity for profitable growth in Italy and Pramerica will be a key part of our strategy in Europe. We are delighted to welcome the Pramerica team to Global Bankers and look forward to working with its employees, Life Planners, banking partners and agency relationships to continue to secure the future needs of families across Italy.”
James Weakley, President of Europe, Latin America and India for PFI’s International Insurance business said, “We are pleased that, in Global Bankers, we found a buyer committed to the ongoing growth of Pramerica and the opportunities that it will provide to employees, associates, partners, and policyholders.” PFI will continue to be present in Italy through UBI Pramerica SGR, its asset management joint venture with UBI Banca.
Pramerica is Global Bankers’ fourth acquisition in Europe. The transaction is expected to close in six to nine months, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.
A.T. Kearney, Ernst & Young and Legance are acting as advisors to Global Bankers in connection with this transaction. Clifford Chance and KPMG are acting as advisors to PFI.
Global Bankers Insurance Group, LLC is an international family of insurance and reinsurance companies, focused on life insurance and annuities. Global Bankers’ portfolio of insurance companies includes, amongst others, GB Life Luxembourg in Europe and Colorado Bankers Life Insurance Company in the
United States. Global Bankers also has operations in the United Kingdom, the Netherlands and Bermuda and is headquartered in Durham, North Carolina. Global Bankers is a division of Eli Global, LLC. For further information, please visit www.globalbankers.com.
Headquartered in Milan, Pramerica Life S.p.A. has been in operation since 1990 and sells its products mainly through the Life Planner® channel. Pramerica specializes in the life insurance market and offers innovative protection, retirement and savings solutions to families, individuals, small and medium business owners and professionals. Pramerica also distributes its products through indirect sales networks of insurance agents, brokers and banks. For more information, visit www.pramericagroup.it.
PFI, a financial services leader, has operations in the United States, Asia, Europe and Latin America. PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. of the United Kingdom.