Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Regions Central Virginia Pacific Life Insurance is establishing a business center in Lynchburg

Pacific Life Insurance is establishing a business center in Lynchburg

Published June 27, 2016 by Jessica Sabbath

Pacific Life Insurance Co. announced Friday it has completed the purchase of a new term life insurance platform from Genworth Financial and will establish a business center in Lynchburg.

The transaction 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.

Pacific Life said its new employees will include some current and former Genworth employees.

Michael Shadler, formerly of Genworth, has accepted an offer from Pacific Life to take a senior leadership role in the Lynchburg office.

“The addition of Genworth’s proven term life insurance business technology platform will allow us to accelerate our growth into the protection business without sacrificing our focus and responsibility to our core markets of highly affluent individuals and businesses,” Rick Schindler, executive vice president of Pacific Life’s Life Insurance Division, said in a statement.

Gov. Terry McAuliffe announced Friday that he approved spending $500,000 from the Commonwealth’s Opportunity Fund for the project.

Related Stories

Virginia Business logo

Customer service center to create 500 jobs in Henrico

Virginia Business logo

AvePoint projects to create 155 jobs in Virginia

Virginia Business logo

Lohmann Corp. will expand plant in Orange County

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Norfolk’s MacArthur Center mall listed for sale

Framatome CEO retiring; CFO to be promoted

Manassas company to develop short takeoff, landing aircraft for Air Force

Rocket Lab launches first mission from U.S. soil

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Norfolk’s MacArthur Center mall listed for sale

Framatome CEO retiring; CFO to be promoted

Manassas company to develop short takeoff, landing aircraft for Air Force

Rocket Lab launches first mission from U.S. soil

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk