For Immediate Release
Clover Health Investments Corp. acquired ULLICO Life Insurance Company
April 15, 2016 – Clover Health Investments Corp. on April 12 acquired ULLICO Life Insurance Co. for net consideration of $8.3 million.
Union Labor Life Insurance Co., a subsidiary of ULLICO Inc., on Jan. 29 entered into a stock purchase agreement with Clover Health to sell ULLICO Life Insurance.
Clover Health on March 28 received formal approval from the Texas Department of Insurance for the transaction.
As a result of the deal, ULLICO Life Insurance has changed its name to Clover Insurance Co., according to the quarterly statement for June 30th , 2016.
Merger & Acquisition Services Inc. served as the advisor to Union Labor Life Insurance Company.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
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