In the Matter of:
PROPOSED ACQUISITION OF CONTROL OF
VANTIS LIFE INSURANCE COMPANY
BYTHE PENN MUTUAL INSURANCE COMPANYDOCKET # EX 16-111
On October 21, 2016, THE PENN MUTUAL LIFE INSURANCE COMPANY (“Penn Mutual”), a Pennsylvania life insurance company filed an application on Form A with the Connecticut Insurance Department (the “Department”) pursuant to Conn. Gen. Stat. §38a-130 and Conn. Agencies Regs. §38a-138-6 (the “Application”) requesting approval by the Insurance Commissioner of the State of Connecticut for the proposed acquisition of control (the “Proposed Acquisition”) of the Connecticut domestic insurer VANTIS LIFE INSURANCE COMPANY (“Vantis”). The Proposed Acquisition will be effected pursuant to the terms of an Agreement and Plan of Merger dated October 7, 2016.
Total consideration to be paid by Penn Mutual in the Transaction shall be an amount equal to the difference of (as defined in the Agreement and Plan of Merger): (i) the sum of (A) an amount equal to the Closing Company Statutory Capital and Surplus Amount, plus (B) $20,000,000, less (ii) an amount equal to the Special Dividend Amount.
The Insurance Commissioner (“Commissioner”) is required by Conn. Gen. Stat. § 38a-132 and section 38a-138-6 of the Regulations of Connecticut State Agencies to hold a public hearing on the Proposed Acquisition of the Domestic Insurer within thirty days after the Commissioner determines that the Application is complete in all respects. When the Department determines that the Application is complete, the Commissioner will issue a notice of public hearing to consider the Proposed Acquisition.
The following is a list of all documents related to the Proposed Acquisition which are available for public viewing. Some documents which include trade secrets or personal data have been exempted from public inspection pursuant to the Connecticut Freedom of Information Act. (see Conn. Gen. Stat. §1-210).
Form-A follow-up Letters and Supplemental Filings
Amended and Restated Form-A and Supplemental Filings