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Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company
Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company. The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval.
“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.
Simpa Baiye, Executive Vice President and Chief Actuary of Mutual of America Financial Group, added, “This transaction will enhance our financial and distribution capacities to provide guaranteed income solutions and other products to individuals outside the state of New York.”
Tom Munson, CEO of Landmark Life and Jarvis Family general partner, stated, “The sale of Landmark Life represents a meaningful step toward our plans to focus on providing high-value, third-party administrative services to life insurers nationwide.”
Merger & Acquisition Services, Inc., served as the financial advisor, and Eversheds Sutherland (US) LLP served as the legal advisor to Mutual of America for the acquisition. Propel Advisory Group, Inc., served as the financial advisor, and Winstead PC served as the legal advisor to The Jarvis Family Limited Partnership.
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