Radnor’s Lincoln Financial Group has agreed to acquire Liberty Mutual Insurance Group’s Liberty Life Assurance for $3.3 billion, writes Jeff Blumenthal for the Philadelphia Business Journal.

Lincoln Financial, a life insurer and retirement investment company, will keep the Group Benefits business from Liberty. It then plans to assign its individual life and annuity business to Protective Life Insurance with the aim of creating a larger group benefits operation. The deal is expected to finalize in the second quarter of this year.

According to Lincoln Financial, the deal will make the combined company a group benefits market leader. Thanks to its 14 percent market share, the combined entity will rank No. 1 in fully insured disability sales. It will also rank third in life and fully insured disability sales.

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“Through this transaction, Lincoln Financial will have a significantly increased presence in the Group Benefits market by complementing our existing small- to middle-market strengths with even deeper large case and disability expertise,” said Dennis Glass, Lincoln Financial’s CEO.

He said that the acquisition also aligns with the company’s strategic priority of diversifying its sources of earnings and effectively deploying capital.

Read more about the Lincoln Financial Group’s acquisition in the Philadelphia Business Journal by clicking here.

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