Connecticut based Vantis Life has entered into a definitive merger agreement with Penn Mutual as both companies aim to strengthen expertise and broaden their market footprint, according to reports.
The agreement, which is still pending regulatory approval, will allow Penn Mutual to absorb Vantis Life as a wholly owned affiliate.
Through the deal, Penn Mutual targets the expansion of its life insurance and annuity products by tapping Vantis Life’s direct-to-consumer and bank channels. Currently, Vantis Life maintains distribution agreements with more than 150 banks and credit unions, and has a footprint covering 45 states with more than 10,000 branch locations. With this leverage, Penn further aims to tap into its respected adviser network to expand its reach. The two companies will continue to operate under their current brands
and retain their executive leadership and work forces.
“Penn Mutual is committed to growing our leadership position within the life insurance industry and maintaining our strong track record of success,” Eileen McDonnell, Penn Mutual chairman and chief executive said. “This combination will allow us to reach more Americans with much needed financial products and advice. We have come to admire the team at Vantis Life, and look forward to helping them serve the needs of the company’s existing clients, as well as building new client relationships into the future.”
“Penn Mutual’s culture and status as a mutual life insurance company is a natural fit for Vantis Life,” Peter L. Tedone, president & chief executive of Vantis Life, added.