Horsham, Pa.-based Penn Mutual Life Insurance Co. will combine with Windsor’s Vantis Life Insurance Co. in a merger valued at $73.3 million, according to the Connecticut Insurance Department.
Commissioner Katharine L. Wade signed off on the merger on Dec. 21.
As announced in October, both companies will retain their respective brands, management teams and headquarters.
“Penn Mutual and Vantis will continue to maintain their corporate identities,” Wade’s decision states.
Vantis will remain headquartered in Windsor and “has committed to retain Vantis’ current workforce,” the document states.
The deal is expected to expand Penn Mutual’s presence in the industry by leveraging Vantis Life’s bank-focused distribution model.
The closing is expected to be completed by Dec. 31.
