Business Services Industry
Morgan Financial Corp. - Westbury Canadian Life Insurance Co. agrees to sell its association group business to Aetna Life Insurance Co. of Canada of Toronto
Business Wire, Nov 6, 1995
TORONTO--(BUSINESS WIRE)--Nov. 6, 1995--MORGAN FINANCIAL CORP. (ToSE:MFT) Morgan Financial Corp. of Toronto announced today that its wholly owned subsidiary, Westbury Canadian Life Insurance Co., has agreed to sell its association group business to Aetna Life Insurance Co. of Canada of Toronto.
The sale is conditional on regulatory approval and is expected to be completed by Feb. 15, 1996. The purchase price was not disclosed.
"Because the association group business has been under strong competitive pressure recently, the sale will have minimal impact on Westbury's earnings. It will, however, provide Westbury with additional capital for use in its core individual life business," said Rob Collins, Morgan's chairman and chief executive officer.
Morgan is a financial services holding company. Westbury, with headquarters in Hamilton, has offices in Montreal and Calgary. Westbury sells life insurance through independent agent distribution networks.
CONTACT: Rob Collins
Chairman and Chief Executive Officer
416/863-2519
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