TAG Financial Institutions Group advises Global Bankers Insurance Group on its Acquisition of Bankers Life Insurance Company
Bankers Insurance Group, a member of a group of companies within St. Petersburg-based Bankers Financial Corporation, today announced the sale of Bankers Life Insurance Company (BLIC) to Global Bankers Insurance Group, an insurance affiliate of Eli Global, effective December 15th.
BLIC, which offers a range of annuity options, will remain based in St. Petersburg. The deal has received regulatory approval from all required parties. Terms were not disclosed.
“The BLIC portfolio reinforces our commitment to providing policyholders convenient and affordable options to meet their individual financial planning needs,” said George Luecke, Vice Chairman & Co-CEO of Global Bankers. “We look forward to providing our BLIC customers with the level of service our current policyholders have learned to expect over many years.”
“This sale strengthens our balance sheet and allows us to focus on our key product lines while better positioning us with external stakeholders, ” said John A. Strong, Chairman and CEO, Bankers Financial Corporation. “We are excited the staff at BLIC will remain members of the Tampa Bay community.”
Bankers Life Insurance Company will continue to maintain the BLIC name.
Formed in 1976 by Bankers Financial Corporation, Bankers Life Insurance Company is a St. Petersburg, FL life insurance company with approximately $450 million of assets that is focuses on the marketing of fixed annuity products throughout the United States. Global Bankers Insurance Group is the insurance division of Eli Global, LLC. Eli Global is a North Carolina-based privately-owned globally diversified holding company group with interests in information services, media and advertising, debt collection and credit management services, and other sectors. Since 2000, Eli Global and its affiliates have made over 30 acquisitions in various industries with total assets of approximately $2 billion.
TAG Financial Institutions, LLC originated the transaction among the parties and advised Global Bankers Insurance Group on the acquisition.
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