Lincoln Financial Group Acquires Liberty Life Assurance Company of Boston
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Liberty Mutual Insurance has agreed to sell Liberty Life Assurance Company of Boston to Lincoln Financial Group. As a result of the sale, Liberty Mutual Insurance says it will discontinue its sale of structured settlement annuities. In a news release to agents, Liberty Mutual said lock-ins for new cases will be accepted through January 26, 2018 and all currently lock-ins will be honored. The company also said there will be no change to current procedures. Lincoln will retain Liberty Mutual’s Group Benefits business and reinsure the Individual Life and Annuity business to Protective Life Insurance Company. The transaction is expected to be completed in second quarter 2018. According to Mark Wahlstrom, the host of the Settlement Channel, this news is part of a trend of life and annuity carriers either closing or selling life and annuity blocks of business as a low interest rate environment continues to create a climate where the cost of maintaining structured settlement operations and the legacy book of business is causing companies to question their long term commitment to this specialty market.