Mutual of America Financial Group today announced the signing of a Stock Purchase Agreement to purchase Landmark Life Insurance Firm, a broadly licensed Texas life and annuity insurance company (“Landmark Life”). Subject to usual closing conditions, including regulatory approval, the acquisition is scheduled to close in the third quarter of 2022.
“The acquisition of Landmark Life represents another positive step toward achieving Mutual of America’s strategic growth plans in the guaranteed retirement income space,” said John R. Greed, Chairman, President and CEO of Mutual of America Financial Group.
“This deal will expand our financial and distribution capacities to provide guaranteed income solutions and other products to individuals beyond the state of New York,” Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group, noted.
“The sale of Landmark Life is a key step toward our ambitions to focus on providing high-value, third-party administrative services to life insurers nationwide,” said Tom Munson, CEO of Landmark Life and Jarvis Family general partner.
Mutual of America hired Merger & Transaction Services, Inc. as its finance advisor and Eversheds Sutherland (US) LLP as its legal counsel for the acquisition. The Jarvis Family Limited Partnership’s financial advisor was Propel Advisory Group, Inc., and its legal advisor was Winstead PC.
About Mutual of America Financial Group
Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services, together with outstanding personalized service, at a competitive price to help our customers build and preserve assets to meet their retirement and investment related needs for a financially secure future. Our mission is built upon 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.com, and connect with us via Facebook, Twitter and LinkedIn.
About Landmark Life
Landmark Life, based in Brownwood, Texas, 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 business via an independent agency force.
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