Financial Services Industry
Industry: Email Alert RSS FeedMerrill Lynch to buy Monarch's VL service unit. (variable life, Monarch Life Insurance Co.)
National Underwriter Life & Health-Financial Services Edition, February, 1992 by Intindola, Brendan
Merrill Lynch To Buy Monarch's VL Service Unit
Merrill Lynch Life Ins. Co. has set its sights on Monarch Life Ins. Co.'s variable life servicing unit, a 140-person operation currently administering 59,000 Merrill annuity contracts, and 26,000 for Monarch.
The insurers signed a Jan. 22 letter of intent outlining the terms of the sale, which were not disclosed.
"This is a good move for Monarch Life, for the employees and the policyholders," said David Kassabian, Monarch spokesman. "It streamlines our operations and...Monarch policyholders will continue to receive the same high quality coverage with no change in benefits or policy provisions."
Monarch, of Springfield, Mass., is operating under regulator supervision after it was seized...
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