Penn Mutual to buy New England competitor
By Jeff Blumenthal, Philadelphia Business Journal

The Penn Mutual Life Insurance Co. has agreed to buy Windsor, Conn.-based Vantis Life Insurance Co.

Vantis had a surplus (assets minus liabilities) of $82.3 million as of June 30 while Horsham, Pennsylvania-based Penn Mutual had a surplus of approximately $1.9 billion.

Vantis holds 68,377 life insurance policies and 11,723 annuity policies that are sold to consumers and banks. It has distribution agreements with more than 150 banks and credit unions, including large super-regional and regional banks, and a footprint that spans 45 states with more than 10,000 branch locations.

It will become an affiliate of Penn Mutual when and if the deal receives regulatory approval. Terms of the sale were not disclosed.

Both companies will continue to operate under their current brands and maintain their respective management teams and workforces.

Penn Mutual has been in operation since 1847. In addition to its life and annuity insurance products, it also offers brokerage services through subsidiary Hornor Townsend & Kent. Penn Mutual is also the parent of Philadelphia-based investment firm Janney Montgomery Scott.

Janney also made news Monday, hiring a team of five advisors from Seaport Wealth Management that oversee over $800 million in assets. The group, previously affiliated with Bank of America Merrill Lynch, will operate out of offices in Hartford and Mystic, Conn.

Jeff Blumenthal covers banking, insurance and law.