Alabama-based Protective Life Insurance Co. is purchasing the Colorado-based Great-West Life & Annuity Insurance Co. in a deal worth $1.2 billion.
Protective Life says the buyout announced Thursday is the largest acquisition in company history.
The deal is the fourth completed since Protective became a subsidiary of Dai-ichi Life Holdings Inc. in 2015.
Protective Life says the purchase marks its entry into the executive benefits market.
The Birmingham-based Protective Life has nearly 3,000 employees nationwide. It had assets of about $92 billion on Sept. 30.
Great-West Life is a subsidiary of Great-West Lifeco Inc., which has headquarters in Winnipeg, Canada.
It administers about $602 billion in assets for more than 9 million retirement, insurance and annuity customers.
(Associated Press, copyright 2018)
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