Lincoln Financial Group to acquire Boston insurer for $3.3 billion

Lincoln Financial Group (NYSE: LNC) announced Friday morning it has entered into an agreement to acquire Liberty Life Assurance Co. of Boston from Liberty Mutual Insurance Group for $3.3 billion. When the transaction is completed, Lincoln Financial will retain Liberty’s group benefits business and reinsure Liberty’s individual life and annuity business to Protective Life Insurance Co., based in Birmingham, Ala. Under the terms of the agreement, the $3.3 billion purchase price is broke n down…
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