Financial Services Industry
Industry: Email Alert RSS FeedAetna Life Insurance and Annuity Company.
National Underwriter Life & Health-Financial Services Edition, July, 1999
Aetna Life Insurance and Annuity Company, in Hartford, Conn., has entered into an agreement to assume the remainder of Newark, N.J-based MBL Life Assurance Corporation's annuity business.
Aetna Immediate Annuity contracts will be issued to replace 162 individual MBL variable annuity contracts. The deal is due to close July 14. The value of the contracts was not disclosed.
"It's an attractive block for us because it meshes well with the product," said Chris O'Connell, managing director of business development. She noted that Aetna s annuity product is similar to MBL's, but offers more investment choice.
SunAmerica, Inc. and Hartford Life, Inc. had purchased most of: MBL's remaining business last year. MBL's rehabilitation by the New Jersey...
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