BRIEF: Jackson National Life Insurance plans to acquire SRLC America Holding Corp. [Detroit Free Press]

May 31--Lansing-based Jackson National Life Insurance said today that it plans to acquire SRLC America Holding Corp. from Swiss Re.

The $621 million all-cash deal is expected to close in this year's third quarter. SRLC is a life insurance business whose primary operating subsidiary is Reassure America Life Insurance Co.

Jackson, a subsidiary of Prudential plc of the United Kingdom, said the acquisition will diversify its earnings by increasing the percentage of its income that is derived from underwriting activities. Jackson will acquire SRLC's $10 billion in assets and 1.5 million life insurance policies.

"This bolt-on acquisition is in line with our strategy and is a great opportunity to increase the scale of our life business," Mike Wells, Jackson's CEO and president, said in a statement.

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