Town & Country Life Insurance sold to new holding company
Enterprise, The, Apr 18, 2005
The essentially dormant Town & Country Life Insurance Co., Salt Lake City, has been sold by Hemingway Enterprises LLC to a newly formed holding company of which Fred A. Moreton & Co., Salt Lake City, is the majority shareholder.
Town & Country, in business since 1955, will continue under its current name. William R. Moreton will assume the chairmanship of the firm and Scott C. Ulbrich will act as its president.
Moreton is currently president of Fred A. Moreton & Co., a large property and casualty and employee benefits insurance brokerage that has been in business for close to 100 years. Ulbrich is the former executive vice president and chief financial officer of First Security Corp., and is currently vice president of the Financial Services Division of Fred A. Moreton & Co.
Town & Country Life Insurance Co. will base its operations at 709 E. South Temple.
Ulbrich said Town & Country has not issued any policies for quite some time.
"It was really sort of in a pay-out mode," he said. "All the company consists of right now are a number of annuity policies that w are servicing. We have plans to grow it and bring it back to life, if you will, as a small life insurance company. It's too early to know, but I think we'll initially concentrate on group insurance and related products."
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