Pacific Life Insurance Co. announced Friday it has completed the purchase of a new term life insurance platform from Genworth Financial and will establish business center in Lynchburg.
Pacific Life’s purchase includes the purchase of the 700 Main St. building in downtown Lynchburg and the key assets supporting the sale of term life insurance, including the principal IT platform and related technology. Pacific Life will offer the new term life business as a separate product suite that offers low-cost insurance protection products to the mass market.
The Newport Beach, Calif. company expects to create 300 jobs during the next three years in Lynchburg. It expects to begin operations in the fourth quarter of 2016.
Genworth Financial announced in February that it was ending sale of term life insurance and fixed-annuity products, saying it would lay off 200 employees in Lynchburg and 70 at its headquarters in Henrico County.
