The US-based insurer’s property-liability underwriting income increased to $2.7bn from $360m.
The primary driver behind the deficit was a $727.6m net investment loss, triggered by a 5.2% drop in equity securities.
The acquisition will be carried out through the Protective Life Insurance Company, the group’s main operating subsidiary, and will create a new line of business for the company.
Lightstone plans to assist Heartland in its multi-year guaranteed annuity and fixed indexed annuity operations.
