Hearing Scheduled for March 11, 2010
Pursuant to M.G.L. Chapter 175, § 206B, an application has been made to the Massachusetts Commissioner of Insurance (the "Commissioner") by Warburg Pincus Private Equity X, L.P., and Warburg Pincus LLC (collectively known as "The Applicants") for approval of a proposal to acquire control of Primerica, Inc., and a resulting change in control of Primerica Life Insurance Company, a Massachusetts-domiciled insurance company ("The Insurer"). The Applicants propose to acquire control of the Insurer in accordance with the terms of a Securities Purchase Agreement, dated February 8, 2010, by and among Citigroup Insurance Holding Corporation, Primerica, Inc., Warburg Pincus Private Equity X L.P. and Warburg Pincus X Partners, L. P.
The Commissioner will conduct a public hearing pursuant to M.G.L. c. 175, § 206B to determine whether to approve the proposed acquisition of control. The hearing will commence on March 11, 2010, at 10:00 a.m. at the Division of Insurance, 5th Floor, One South Station, Boston, Massachusetts 02110-2208. Documents filed in connection with this proposed acquisition of control are available for public inspection at the Division of Insurance, One South Station, Boston, Massachusetts, 02110-2208.
The purpose of this public hearing is to afford those persons identified in M.G.L. c. 175, § 206B(d)(2) the opportunity to present evidence, to examine and cross-examine witnesses, to offer oral and written arguments and to conduct discovery proceedings in the same manner as in the Superior Court Department of the Trial Court. Any discovery proceedings shall be concluded no later than March 5, 2010.
Any person identified in M.G.L. c. 175, § 206B(d)(2) who wishes to participate in the March 11, 2010 hearing must submit, on or before March 8, 2010, a Notice of Intent to Participate, setting forth the statutory basis for participation. The Notice of Intent to Participate must specify the basis for the asserted interest in the proposed acquisition of control, if applicable, as well as whether the person intends to make an oral statement, present evidence or cross examine witnesses, or engage in discovery.
If the Commissioner determines that a person's interest may be affected by the proposed acquisition of control, that person may participate at the hearing following presentations by the Applicants and/or the Insurer, and before any other persons the Commissioner may recognize at the hearing. The length of any oral statements, presentations of evidence or examination of witnesses, may be limited at the discretion of the Commissioner. Written argument may be submitted at any time prior to the conclusion of the hearing.
All submissions, including the written Notice of Intent to Participate, must be sent to: Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, MA 02110-2208, and must refer to Docket No. F2010-01.
Joseph G. Murphy
|Dated: March 1, 2010||Commissioner of Insurance|