Focused Information Service (Press Releases)
The Western & Southern headquarters in Cincinnati.
Western & Southern Monetary Group introduced the completion of its buy of Gerber Life Insurance coverage Firm, an entirely owned oblique subsidiary of Nestle S.A., on Dec. 31, 2018.
The acquisition features a long-term license to make use of sure Gerber Life mental property, together with the Gerber Life identify and brand, in reference to sure monetary companies. The deal brings a number one direct-to-consumer life insurer and famend model to Western & Southern's diversified household of economic companies companies.
The $1.55 billion buy was introduced by Nestle and Western & Southern in September.
Gerber Life, headquartered in White Plains, New York, brings its useful product choices and concentrate on defending households to the Cincinnati-based firm that started promoting life insurance coverage door to door 130 years in the past and is now one of many strongest life insurance coverage teams on this planet.
"We're thrilled to welcome Gerber Life to our household of corporations," stated John F. Barrett, chairman, president and chief govt officer of Western & Southern. "As we stated once we introduced the acquisition settlement, this iconic and trusted client model is a compelling match for Western & Southern, which has at all times been a human establishment serving human wants with tailor-made monetary options which are simple for our purchasers to know. Our two corporations share a standard mission of offering monetary power and safety to those we love."
Based in 1967 as a financially separate affiliate of the Gerber Merchandise Firm, "the infant meals individuals," Gerber Life makes a speciality of offering simplified life insurance coverage merchandise to underserved middle-income households in addition to medical stop-loss insurance coverage to small and medium-sized companies. Nestle, the most important meals and beverage firm on this planet, acquired Gerber Merchandise and Gerber Life in 2007.
Gerber Life's $52 billion of life insurance coverage in drive and three.6 million particular person life insurance policies will broaden Western & Southern's policyholder base and improve its product profile by growing its ratio of life insurance coverage enterprise to annuity enterprise.
Roughly 500 associates make up Gerber Life's workforce, distributed between the corporate's headquarters in White Plains and an operations heart in Fremont, Michigan. Present plans name for all to stay in place.