[ad_1]
Different asset administration firm Antarctica Capital, via its affiliate, has wrapped up the acquisition of Midwest Holding, a technology-driven life and annuity platform.
Midwest specialises in designing and growing in-demand annuity merchandise.
These merchandise are distributed by way of totally different impartial distribution channels to cater to a big and rising demographic of US retirees.
Midwest’s work additionally includes originating, managing and transferring annuities to asset managers and different third-party buyers via reinsurance preparations.
As per the phrases of the transaction, Midwest shareholders are entitled to obtain $27 in money per share of widespread inventory owned instantly previous to the completion of the transaction.
Midwest shares will now not be traded and listed on the Nasdaq Inventory Market.
Entry probably the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Acquire aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we wish you to take advantage of
useful
determination for what you are promoting, so we provide a free pattern that you may obtain by
submitting the under kind
By GlobalData
The deal is not going to affect the present management workforce at Midwest.
The annuity platform will retain its title, personnel and headquarters in Lincoln, Nebraska, in addition to its operational hubs in New York and Vermont.
Midwest CEO Georgette Nicholas mentioned: “Immediately marks [the] starting of a brand new chapter for Midwest, and we’re excited to work with [the] Antarctica workforce to totally capitalise on our market alternative and drive future development.
“This transaction was made doable by the excellent contributions of our workers and companions, and we look ahead to collaborating with Antarctica to develop and create additional worth for policyholders.”
RBC Capital Markets served as Midwest’s monetary advisor, whereas Fried, Frank, Harris, Shriver & Jacobson served as transaction counsel to Midwest for the transaction.
Midwest’s insurance coverage regulatory counsel had been Lamson Dugan & Murray and Primmer Piper Eggleston Cramer.
In the meantime for Antarctica, Kirkland & Ellis served as authorized advisor and Frohman Legislation Workplace acted as regulatory counsel.
Antarctica Capital managing companion Chandra Patel added: “Midwest’s modern insurance coverage platform, together with its fast-growing annuity enterprise, has important untapped potential, and we’re very happy to welcome [the] Midwest workforce into [the] Antarctica household of corporations.
“Midwest will probably be a key part of our retirement companies enterprise. We’re assured that our deep experience, present partnerships and sources will speed up Midwest’s development and additional improve its services and products.”
[ad_2]