NEW YORK, April 26, 2022 -- 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 (“Landmark Life”). 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 towards 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 towards 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.
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 solicits annuity and life business via an independent agency force.