Baltimore Life Announces Agreement to Acquire Philadelphia–United Life (Company’s assets to be over $900 million)
For Immediate Release
BALTIMORE, MD, OCTOBER 15, 2010—The Baltimore Life Companies, a life insurance and annuity company serving middle market consumers in the U.S., announced today that it signed a stock purchase agreement to acquire Philadelphia–United Life Insurance Company of Bala Cynwyd, Pa.
The acquisition brings together two established and respected names in the life insurance industry. With this acquisition, Baltimore Life will service more than 350,000 policies and total assets of more than $900 million.
“This acquisition will meaningfully increase our premiums and result in greater efficiencies,” said David Ficca, President and C.E.O. of Baltimore Life. “Both Baltimore Life and Philadelphia–United place high value on client service, and we’re excited to begin serving Philadelphia–United policyowners and working with its distribution partners.”
Founded in 1882, Baltimore Life provides reliable and affordable life insurance and annuity products to individuals, families and businesses throughout the United States. Baltimore Life has been recognized as one of the top-performing life-health insurers in the United States by its inclusion in the 2009 and 2010 Ward’s 50 top performers.
For more than 85 years, Philadelphia–United Life has been committed to serving its policyholders and independent agents. The company has a history of consistent growth with a strong capital base supported by a high quality portfolio of assets.
The transaction is expected to close in the fourth quarter of 2010 pending regulatory approval. Keefe, Bruyette & Woods, Inc. acted as financial advisor to Baltimore Life, and Tri-Capital Corporation acted as financial advisor to Philadelphia-United Life on the transaction.
Baltimore Life is licensed in 49 states and the District of Columbia. For more information, please visit www.baltlife.com or call 1.800.628.5433.