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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda--Scottish Re Group Ltd. is buying 95% of ERC Life Reinsurance Corp. for $151 million in cash.
Business written by ERC Life, a subsidiary of GE Employers Reinsurance Corp., is mostly traditional life reinsurance. The in-force business represents about $170 million in premiums.
GE ERC will administer the business for up to nine months from the date of the acquisition. No employees of Overland Park, Kan.-based GE ERC will transfer to Scottish Re, which is based in Hamilton, Bermuda.
The sale, subject to regulatory approval, is expected to be finalized later this year.