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 structureteam@medval.com.