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Protective Life Corp to Acquire MONY and Reinsure Certain Policies of MLOA for $1.06 Billion From AXA SA


Wednesday, 10 Apr 2013 08:04pm EDT 

Protective Life Corp announced that its principal subsidiary, Protective Life Insurance Company (Protective Life), has signed an agreement with certain subsidiaries of AXA SA to acquire MONY Life Insurance Company (MONY) and reinsure certain policies of MONY Life Insurance Company of America (MLOA). Assuming a closing date of October 1, 2013, the purchase price paid to AXA is estimated to be approximately $1.06 billion, including statutory capital and surplus of approximately $303 million. The total capital investment by Protective is estimated to be approximately $1.09 billion. The transaction will be subject to customary post-closing adjustments. The transaction is expected to close in the second half of 2013. Prior to the closing, AXA will cause MONY to transfer its subsidiaries, MLOA, U.S. Financial Life Insurance Company, MONY International Holdings, LLC and MONY Financial Services, Inc., none of which are being sold to Protective as part of the acquisition, to another subsidiary of AXA. Protective plans to service the acquired business through the existing workforce and administrative platform in Syracuse, NY that is currently being used by AXA to service the business. The benefits provided for in the acquired policies will not be impacted by the transaction. Willkie Farr & Gallagher LLP and Barclays PLC served as advisors to Protective during the transaction and PricewaterhouseCoopers LLP provided tax advisory services. 

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22 Dec 2014