NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life Insurance Company has completed its acquisition of the term life new business platform from Genworth Financial. The best-in-class technology and term-focused operational capabilities involved in this transaction will allow Pacific Life to seamlessly extend its ability to fulfill the financial protection needs of a broader consumer market without disruption to Pacific Life’s current business platforms and sales channels. No financial details of the transaction were disclosed.
The new term life business, which will be located in Lynchburg, Virginia, will offer a separate product suite that offers low-cost life insurance protection products to the mass market. The initial distribution will be targeted to ensure a smooth entry into the marketplace and is expected to begin operations during the fourth quarter 2016.
“The addition of Genworth’s proven term life new business technology platform will allow us to accelerate our growth into the protection business without sacrificing our focus and responsibility to our core markets of highly affluent individuals and businesses,” said Rick Schindler, Executive Vice President of Pacific Life’s Life Insurance Division. “We are excited about this opportunity to expand Pacific Life’s suite of innovative products and service capabilities to a broader market.”
As part of this transaction, Pacific Life has hired certain Genworth staff, as agreed upon by the parties, and former Genworth staff who have the skills needed to launch this business. “This new business center in Lynchburg will be an integral part of Pacific Life’s life insurance capabilities,” said Dawn Trautman, Senior Vice President of Product and Strategy Management for Pacific Life’s Life Insurance Division. “We expect to create at least 300 jobs within the next three years and be an employer of choice and a community partner in Lynchburg.”
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2015 is compiled by Pacific Life using the 2015 FORTUNE 500® list.