Mutual of America Financial Group has signed an agreement to purchase Texas-based life and annuity insurer Landmark Life Insurance Company for an undisclosed sum.

Founded in 1964, Landmark Life is a wholly owned subsidiary of The Jarvis Family Limited Partnership.

The firm is engaged in underwriting life insurance and annuities across 36 US states.

Mutual of America Financial Group chairman, president and CEO, John Greed called the takeover a ‘positive’ step toward attaining its growth targets in the guaranteed retirement income sector.

Landmark Life CEO Tom Munson said that the deal is a ‘meaningful’ step towards the firm’s strategy to emphasise on offering third-party administrative services to life insurers across the nation.

Merger & Acquisition Services served as the financial adviser, while Eversheds Sutherland (US) LLP served as the legal adviser to Mutual of America for the acquisition.

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By GlobalData

Anticipated to conclude during the third quarter of this year, the deal awaits regulatory nod.

Mutual of America Financial Group executive vice-president and chief actuary Simpa Baiye said: “This transaction will enhance our financial and distribution capacities to provide guaranteed income solutions and other products to individuals outside the state of New York.”

Propel Advisory Group acted as the financial adviser while Winstead PC was the legal adviser to The Jarvis Family Limited Partnership.