Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company
NEW YORK, April 26, 2022 /PRNewswire/ — Mutual of America Financial Group announced today that it has entered into a stock purchase agreement to acquire Landmark Life Insurance Company, a widely licensed company Texas life insurance and annuity company (“Landmark Life”). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval.
“The acquisition of Landmark Life represents another positive step toward realizing Mutual of America’s strategic growth plans in the guaranteed retirement income space,” said John R. Greed, Chairman, President and Chief Executive Officer. management of Mutual of America Financial Group.
Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group, added, “This transaction will strengthen our financial and distribution capabilities to provide guaranteed income solutions and other products to people outside of the United States. State of New York.”
Tom MunsonCEO of Landmark Life and General Partner of Jarvis Family, said, “The sale of Landmark Life represents a significant step towards our plans to provide high-value third-party administrative services to life insurers nationwide.
Merger & Acquisition Services, Inc., acted as financial advisor, and Eversheds Sutherland (US) LLP acted as legal advisor to Mutual of America on the acquisition. Propel Advisory Group, Inc., acted as financial advisor, and Winstead PC acted as legal advisor to The Jarvis Family Limited Partnership.
About Mutual of America Financial Group
Mutual of America Financial Group is a leading provider of retirement and investment services for employers, employees and individuals. We provide high quality, innovative products and services, along with exceptional personalized service, at a competitive price to help our clients build and preserve assets to meet their retirement and investment needs for a financially secure future. safe. Our mission is based on our values - integrity, prudence, reliability, excellence and social responsibility – which have guided us since 1945 and continue to serve us and our customers well. For more information, visit mutualofamerica.comand contact us through Facebook, Twitter and LinkedIn.
About Landmark Life
Landmark Life, based in Brownwood, TX, is a wholly owned subsidiary of The Jarvis Family Limited Partnership. Founded in 1964, Landmark Life underwrites life insurance and annuities in 36 states. Landmark Life solicits annuity and life insurance business through an independent agency force.
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SOURCE Mutual of America