FOR IMMEDIATE RELEASE
& Casualty Company Announces Sale to Heritage Life Insurance Company
Chicago, July 2, 2019 - Professional Life & Casualty Company (PLC),
a well-established Chicago-based insurance company best known for its
annuity products, announces its sale to Heritage Life Insurance
Heritage is a highly capitalized insurer that serves life insurance and
annuity policyholders across the United States. Incorporated in 1957,
Heritage touts a strong asset base of $4.4 billion, with total adjusted
capital in excess of $1 billion, and total policy reserves of $3.1
billion. Heritage is domiciled in Arizona. The sale recently received
regulatory approval and is officially completed.
There is no plan to change the name of the company. All existing policy
terms and conditions will remain in full force for PLC policy holders.
PLC, already licensed in Illinois, Indiana, Montana, North Dakota, and
Oklahoma, is now adding Arizona to the list upon joining the Heritage
PLC was founded in Chicago in 1955 as an insurer for physicians,
attorneys, dentists, and other professionals. Among its most popular
products are its annuities for which PLC charges no surrender charges
and no administrative fees. The company works with customers directly,
instead of through commissioned salespersons, which is a unique
tradition that sets this company apart.
"We are proud to serve the policy holders of Professional Life &
Casualty," said Robert DeFeo, President of Heritage Life Insurance
Company. "My team and I are here to ensure that our members continue to
receive outstanding services for their insurance and annuities needs,"
Heritage Life Insurance Company was represented by Sidley Austin LLP
and Professional Life & Casualty Company was represented by Walker