In the Matter of:
PROPOSED ACQUISITION OF CONTROL OF
VANTIS LIFE INSURANCE COMPANY
BY
THE PENN MUTUAL INSURANCE COMPANY
DOCKET # EX 16-111
OVERVIEW
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
- Letter To The Penn Mutual Life Insurance Company Requesting A Supplemental Filing From Connecticut Insurance Department, Dated November 18, 2016 (Uploaded: 11/21/2016)
- Letter To The Connecticut Insurance Department Responding To Request For Supplemental Filing From Penn Mutual, Dated November 23, 2016. (Uploaded: 12/2/2016)
- Email To Penn Mutual From The Connecticut Insurance Department Regarding The Application Being Complete, Dated November 28, 2016. (Uploaded: 12/2/2016)
- Letter To The Connecticut Insurance Department Responding To Letter Of November 28, 2016 From Penn Mutual, Dated December 1, 2016. (Uploaded: 12/2/2016)
- Letter From Pennsylvania Insurance Department To Penn Mutual Regarding Acceptance Of December 31, 2015 Report Of Examination, Dated November 4, 2016. (Uploaded: 12/7/2016)
- Order Of Pennsylvania Insurance Department Adopting December 31 2015 Report Of Examination Of Penn Mutual, Dated November 4, 2016. (Uploaded: 12/7/2016)
- Report Of Examination Of Penn Mutual As Of December 31, 2015. (Uploaded: 12/7/2016)
- Letter To The Connecticut Insurance Department From Penn Mutual With Additional Information, Dated October 20, 2016. (Uploaded: 12/9/2016)
- Letter To Penn Mutual From The Connecticut Insurance Department Acknowledging Receipt Of Application, Dated October 27, 2016. (Uploaded: 12/9/2016)
- Letters From Business Information Group. (Uploaded: 12/9/2016)
- Letter To The Connecticut Insurance Department From Penn Mutual Regarding Administrative Action Notification, Dated December 8, 2016. (Uploaded: 12/9/2016)
Amended and Restated Form-A and Supplemental Filings
Hearing Information
- Hearing Letter To Penn Mutual With Notice Of Public Hearing From The Connecticut Insurance Department, Dated November 28, 2016. (Uploaded: 12/2/2016)
- Hearing Officer Appointment Order By Katharine L. Wade, Insurance Commissioner, Dated November 29, 2016. (Uploaded: 12/2/2016)
- Notice Of Appearance, With Accompanying Email, Filed By Attorney Steven B. Davis On Behalf Of Penn Mutual, Received December 2, 2016. (Uploaded: 12/2/2016)
- Notice Of Appearance Filed By Attorney Charles R. Welsh On Behalf Of Vantis Life Insurance Company, Dated December 7, 2016. (Uploaded: 12/9/2016)
- Affidavit Of Publication In The Hartford Courant, Dated November 30, 2016. (Uploaded: 12/9/2016)
- Letter To Connecticut Insurance Department With Pre-Filed Hearing Testimony, Dated December 9, 2016. (Uploaded: 12/12/2016)
- Pre-Filed Hearing Testimony (Uploaded: 12/12/2016)
- Exhibit List For Hearing. (Uploaded: 12/15/2016)
- Public Comment Sign Up Sheets For Hearing. (Uploaded: 12/15/2016)
- Hearing Transcript Of December 14, 2016 Hearing. (Uploaded: 12/16/2016)
- Order And Decision In The Matter Of Proposed Acquisition And Control Of Vantis Life By Penn Mutual Docket No. EX 16-111 (Uploaded: 12/21/2016)