Liberty Life of Boston Sale to Lincoln Financial Group
The Important Questions Are Answered Here | What Happens to LLAC Notice of Financial Commitment, LMIC Guarantees | BARCO and more
Q: After Lincoln
Financial Group’s acquisition of Liberty Life Assurance Company of Boston
(“LLAC”) (the “Transaction”) is finalized, what will happen to (1) Liberty
Mutual Insurance Company’s (“LMIC”) Guarantee of LLAC, (2) LLAC’s Guarantee
of Liberty Assignment Corporation (“LAC”), and (3) LLAC’s financial
commitment to BARCO Assignments, Ltd. (“BARCO”)?
(1) LMIC Guarantee of LLAC
The terms of this
Guarantee provide that, in the event of an acquisition of LLAC, the
Guarantee will terminate if after the Transaction LLAC has a S&P and
A.M. Best rating equal to or higher than those issued to LLAC prior to the
Transaction. As a condition to closing the Transaction, the parties have
agreed to confirm with S&P and A.M. Best that the ratings of LLAC have
not been downgraded below “A” or “A”, respectively. Therefore, this
Guarantee will terminate upon the closing of the Transaction.
Please reference the following for the most recent AM Best and S&P
financial strength ratings of Lincoln Financial Group:
www.ambest.com
www.standardandpoors.com
www.lfg.com/public/aboutus/investorrelations/financialinformation/ratings
(2) LLAC Guarantee
of LAC
LLAC will continue
to guarantee all obligations assumed by LAC under qualified assignments
should LAC default. Once the Transaction is finalized, Lincoln Financial
Group will become the sole owner of LLAC and the Guarantee will remain in
effect.
(3) LLAC Financial
Commitment to BARCO
The Net Worth
Maintenance Agreement (“NWMA”), whereunder LLAC ensures the solvency of
BARCO, will remain in effect. LLAC’s obligations under the NMWA, however,
have been novated to Liberty Mutual Group Inc.
Q: What is the
status of BARCO following LLAC’s exit from the non-qualified business and
its acquisition by Lincoln Financial Group?
Ownership
Liberty Mutual
Group Inc. is now the sole owner of BARCO.
Management
Going forward,
BARCO will be managed by Cafico International in Dublin, Ireland. All email
correspondence should be directed to: barco@caficointernational.com.
Barco Assignments, Ltd
c/o Cafico International
2nd Floor Palmerston House
Fenian Street
Dublin D02 WD37
Ireland
#LibertyLifeInsuuranceCompanyofBoston
#BARCO
#BARCOAssignments
#LibertyMutual
#NetWorthMaintenanceAgreement
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