Meiji Yasuda Acquires Banner and William Penn Life Insurance Companies

Banner Life Insurance Company and William Penn Life Insurance Company of New York have officially joined the Meiji Yasuda Group, concluding an acquisition announced in February 2025. Approved by regulatory compliance bodies, this transfer from Legal & General Group plc represents a strategic transaction valued at approximately $2.3 billion. This move marks a strategic milestone for Meiji Yasuda, enhancing their presence in the U.S. market, particularly within the term life insurance and pension risk transfer (PRT) sectors.

The integration of these companies is a calculated step in Meiji Yasuda's global expansion strategy, strengthening their market position in the insurance industry. Mark Holweger, president and CEO of Banner Life and William Penn, highlighted the merger's alignment with their customer-focused objectives and ambitions for future growth. Banner Life, currently the third-largest provider of term life insurance in the United States, has shown tremendous growth with double-digit increases in new premiums over the past three years.

This acquisition introduces long-term strategic PRT collaboration between Meiji Yasuda and Legal & General Group. George Palms, CEO of Retirement for both Banner Life and William Penn, emphasized the growth potential unlocked by combining Meiji Yasuda's and Legal & General's expertise. As the PRT market continues to thrive, this collaboration is set to enhance their offerings within risk management and underwriting sectors. Stakeholders can access more details on the companies' official websites, following an initial $2.6 billion payment with potential adjustments based on net assets and business performance through January 2025.