Maryland’s acting insurance commissioner, Beth Sammis, approved the sale of Baltimore, Md.-based life insurance company to Harbinger Group.
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Beth Sammis
The sale of OM Financial Life Insurance Co., a insurance and investment company owned by London-based OM Group Ltd., still requires the approval of the New York State Insurance Department.
OM Financial Life Insurance is as wholly owned subsidiary of Old Mutual U.S. Life Holdings, which was licensed in Maryland as an insurance company in February 1960, according to a Maryland Insurance Administration order on the case, signed March 31.
Harbinger Group was formed in August 2010 by Harbinger Capital Partners, to operate Old Mutual U.S. Life Holdings and its subsidiaries, including OM Financial Life Insurance.
In March, Harbinger Group announced its signed a definitive agreement with Harbinger Capital Partners Master Fund I Ltd. for the right to acquire Old Mutual U.S. Life Holdings for $350 million under an agreement with OM Group.
In a statement, Harbinger Groups said it would pay cash and that purchase price represents about 39% of Old Mutual U.S. Life’s statutory capital Dec. 31, 2010. Old Mutual U.S. Life had about $17 billion of investment assets under management as of December 31, 2010.
Philip Falcone, CEO of Harbinger Group, said in the statement that the deal provides “significant value to HGI’s shareholders” and that his company “significantly enhanced the value of the company by securing a comprehensive life reinsurance commitment from Wilton Re.”
Maryland insurance regulator approves OM Financial Life sale via IFAwebnews .
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