Reit has reached a $6.5 billion deal to acquire Life Insurance Corporation from Jv, a publicly traded life insurance firm.
The deal, which is subject to regulatory approvals, will help the California-based company expand its life insurance offerings, according to a statement from Reit.
The agreement is subject for regulatory approvals and could be completed by the end of 2019.
Reit is a global reinsurance and insurance services company with assets of $1.5 trillion.
Life Insurance is an international reinsurance company with an annual revenue of $10.7 billion.
Jv was founded in 2004 by three young California men who were inspired by the work of Harvard Business School professor Peter Drucker.
In 2005, Drucker published the book The Art of Manliness: A Practical Guide to Living a Life of Wealth and Happiness.
Drucker’s book has been a key influence in the growth of the modern life insurance industry, and has become a model for life insurance products worldwide.
The Life Insurance Investment Corporation is Reit’s second life insurance investment.
In 2013, the company purchased the life insurance business of a Chicago-based mutual fund company called The New Life Insurance.
In the deal, Reit will acquire Jv for an aggregate of $5.9 billion.
The Reit Group, the largest U.S. private equity firm with more than $5 billion in assets, will own 42.9% of Jv and 25.1% of Life Insurance, the two companies said.
JV has seen strong growth in the past few years.
In 2015, it added more than 30 million individual and small-group policies.
The firm has seen a surge in sales of personal, corporate and retirement insurance products in recent years.
Jov is a unit of JV Life.
Life is owned by a family of global investors led by John Doerr, who founded the company in 1984.
Jevs life insurance investments have included private equity firms like Cerberus Capital Management and Renaissance Capital Management, as well as hedge funds and private equity companies.
Javco, a leading insurance broker, is also a unit.
Reitt said the deal will help Reit continue to serve its clients and expand its offerings.
Reiter said that while the company is pleased to be expanding its life plans and assets, it has no plans to sell any of its assets, including life insurance, for a period longer than three years.
The transaction also will help bolster Reits international portfolio of life insurance and investment products.
Reitz said that Jv’s financial results will continue to grow and expand as the company develops new offerings, including a portfolio of investments that will be available through its online platform.
“We expect to benefit from the continued growth and success of the Jv life insurance product as well,” Reitz wrote.
Life will continue operating in the United States, Reitz added.
“Javco is an iconic life insurance provider that is widely recognized for its quality, innovation and expertise.
The acquisition of Life will create a global asset that will continue Jvs mission of delivering a quality life insurance offering.”
In a statement, Druker said, “We are thrilled to be joining forces with Reit in bringing our insurance products and services to a broader consumer audience.”