Liberty Life Assurance Company of Boston Announces Exit from the Structured Settlement Annuity Market
Our structured settlement department received word this morning that Liberty Life Assurance Company of Boston is being sold to Lincoln Financial Group. As a result of the sale, Liberty Life will be discontinuing the sale of structured settlement annuities. This news comes on the back of their exit from the non-qualified structured settlements market. While this news is surprising, Liberty has assured us that there will be no impact on the policies that are currently in-force. They also advised us that they are honoring lock-ins that are currently in place, however, they must receive the premium on or before February 16th. In-force annuities will be reinsured to Protective Life Insurance Company, currently rated A+ XV by AM Best. Liberty expects the transaction to be completed in the second quarter of 2018, pending regulatory approvals and closing conditions.
If you have any questions/concerns regarding this news, our structured settlement team would be happy to assist. They can be reached at firstname.lastname@example.org.