Protective Life Snatches Up Torchmark Unit For $316M

Law360, New York (September 14, 2010, 4:26 PM EDT) -- Protective Life Corp. said Tuesday it had agreed to shell out approximately $316 million to purchase United Investors Life Insurance Co., a unit of Torchmark Corp. subsidiary Liberty National Life Insurance Co.

The acquisition will add 15-20 cents per share to Protective's earnings in 2011 and 18-22 cents per share in 2012, the company said in announcing the deal.

According to Protective, the $316 million purchase price includes statutory capital and surplus of approximately $130 million.

The initial capital invested by Birmingham, Ala.-based Protective is projected...
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