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 Company.
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 family.
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," added DeFeo.