Resolution Life

According to a report, Lincoln Benefit Life is again for sale after a previous sale fell through.

Lincoln Benefit Life is reportedly on the market.

The Wall Street Journal, citing unnamed sources, reported Wednesday that private equity firm Blackstone Group is "among bidders" for the Lincoln-based company.

The story did not name any other bidders nor provide any other information.

Lincoln Benefit Life had been set to be acquired by Global Bankers Life Insurance of Durham, North Carolina, in a $585 million deal that was announced in October 2017.

But that deal, and one to acquire an insurance company in Ohio, apparently fell apart last fall after it was revealed that Global Bankers was being investigated by a federal grand jury for possible criminal misconduct.

Neither Global Bankers nor Resolution Life, the British company that has owned Lincoln Benefit Life since 2013, made any public statements about the deal falling through.

Global Bankers informed the Nebraska Department of Insurance that the deal was off in a letter dated Oct. 3.

When it originally announced its plans to buy Lincoln Benefit Life, Global Bankers hinted that it might resurrect sales of insurance and other products at the company.

As part of Resolution Life's $600 million purchase of the company from Allstate in 2013, it stopped selling insurance policies and other products, although it has continued to collect premiums and service policies.

Resolution Life declined to comment about the failed sale of Lincoln Benefit Life or whether the company is currently for sale.

Bruce Ramge, director of the Nebraska Department of Insurance, said there are "no new acquisition request filings" pending for Lincoln Benefit Life.

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.


Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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