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- AmeriLife acquires a final expense distributor.
- PensionmarkMeridien is now affiliated with Lion Street.
- Primerica, Humana, Sun Life, Voya and Anthem have completed the acquisitions announced previously.
An insurer owned by two Canadian pension plans announced its second major US life insurance company acquisition of the year.
Constellation Insurance Holdings Inc. has agreed to help Columbian Mutual Life Insurance Company of Binghamton, New York, switch to a stock charter and invest up to $ 100 million in cash in exchange for 100% of the shares of Columbian Mutual.
In March, Constellation agreed to acquire another mutual life insurer, Ohio National Financial Services of Cincinnati, for $ 1 billion.
A mutual insurer is an insurance company owned by some or all of the policyholders, rather than by public investors or other outside investors.
Columbian Mutual was founded in 1882. It now sells life insurance throughout the United States. It has approximately $ 1.8 billion in assets and 750,000 policyholders.
Constellation is a 2-year company with cash from the Caisse de Dépôt et Placement du Québec and the Ontario Teachers’ Pension Plan Board.
The Constellation-Columbian deal calls on Columbian to use the liquidity Constellation would provide to fund cash payments to eligible policyholders and to improve Columbian’s funding level and financial ratings.
Constellation said it plans to keep the Columbian brand and operate Columbian as a stand-alone business.
The companies said they plan to close the deal between July 1, 2022 and December 31, 2022.
AmeriLife Group LLC agreed to acquire Maximum benefits for seniors, an insurance marketing organization based in Pleasant Grove, Utah, that distributes final expense insurance. Customers use final expense insurance to cover the cost of funerals, burials, cremations, and other expenses associated with death.