It was recently announced that Lincoln Financial will be purchasing the group life and disability business of Liberty Life Assurance Company of Boston Liberty (owned by Liberty Mutual) for $3.3 billion. The deal is expected to close sometime in the second quarter of 2018. This transfer of business will result in Lincoln Financial becoming the largest insurer of disability benefits in the United States.
The CEO and President of Lincoln Financial, Dennis R. Glass, has been quoted as saying, “Through this transaction, Lincoln Financial will have a significantly increased presence in the group benefits market by complementing our existing small to middle-market strengths with even deeper large case and disability expertise.”
What this sale ultimately means for our clients and other disabled individuals receiving benefits from Liberty Life is unknown. We have not yet learned when, or if, the transfer of a disabled individuals’ claim to Lincoln Financial will occur or when notices will be sent. At this point, it is possible the Liberty Life claims examiners will be retained by Lincoln and continue to service those accounts. Our office will continue to monitor this sale and transfer, and best determine how to provide the best possible to service to our existing Liberty Life clients.
The disability attorneys at McDermott Law LLC are available to answer any questions relating to a Liberty Life, Lincoln Financial or any other disability insurance carrier claim.