, a financial services provider, agreed to acquire certain life insurance and annuity underwriting businesses from
J.P. Morgan Chase
for $1.2 billion.
Protective will acquire five life insurance companies that manufacture and distribute traditional life insurance and annuities plus four related non-insurance companies.
Chase will retain its debt-protection business and continue to distribute life and annuity products through its branch network.
The acquisition and related agreements are subject to various regulatory approvals and other customary conditions to closing, expected to occur during the third quarter of 2006.
"We are delighted to announce the largest and most innovative life insurance acquisition in our company's history. The transaction not only enables us to capitalize on our well-honed acquisition skills, but also to utilize new structures for participating in larger-scale transactions. The transaction is entirely consistent with our strategy in the acquisitions line of business and should benefit our company in many ways, including the addition of even more scale to our life insurance operations and a solid source of earnings for many years to come." the company said.
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