Western & Southern acquires Gerber Life Insurance
W&S (Western & Southern) has a number of financial services businesses. W&S will have a long-term license for Gerber IP, related to financial services. Transaction is subject to approval by New York regulators.
The Gerber brand is known for kids and family life insurance. In 2017, Gerber had sales of $856 million.
W&S has $52 Billion in insurance currently, with 3.6 million policies. After the purchase, W&S will have $77 billion in assets under management. W&S CEO, John Barrett, said, "We aredelighted to welcome Gerber Life to our family. This iconic and trusted consumer brand is a compelling fit for Western & Southern, which has always been a human institution serving human needs with tailored financial solutions that are easy for our clients to understand. Our two companies share a common mission of providing financial strength and security to the ones we love. Having a long-term relationship with a venerable company like Nestlé that has similar values was an important aspect in our acquisition of Gerber Life.”
Gerber has 500 employees, and most will be retained. W&S will not be acquiring the Gerber products business, which sells baby food and babe care products. Nestle is evolving, as good businesses tend to do; they are investing in their core business areas hwich are food and beverage, and consumer health.