Pacific Life Signs Definitive Agreement to Purchase International Segment from Scottish Re Group Limited

Pacific Life Insurance Company and Scottish Re Group Limited announced today that a definitive agreement has been signed whereby Pacific LifeCorp, the parent company of Pacific Life, will purchase the International Life Reinsurance segment of Scottish Re Group Limited. The new operation, to be called Pacific Life Re, provides reinsurance solutions to insurance and annuity providers in the United Kingdom and Ireland and to insurers in selected markets in Asia. The purchase price is $71.2 million, subject to certain potential downward adjustments. Other terms of the purchase agreement were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions, both of which are expected to be achieved during the third quarter of 2008.

Pacific Life Signs Definitive Agreement to Purchase International Segment from Scottish Re Group Limited
Source: Business Wire