NU Online News Service, Dec. 18, 11:48 a.m. – Scottish Annuity & Life Holdings Ltd., George Town, Grand Cayman, says its shareholders have approved plans to acquire a reinsurance unit from Pacific Life Insurance Company, Newport Beach, Calif., for $78 million in stock.
Scottish Annuity announced an agreement to acquire the unit, World-Wide Reassurance Company Ltd., Windsor, United Kingdom, in August.
Scottish Annuity hopes to complete the deal by Dec. 31.