Allianz Life Insurance Company of North America Completes Acquisition of Life USA Holding, Inc.MINNEAPOLIS--(BUSINESS WIRE)--Oct. 1, 1999-- Allianz Life Insurance Company of North America (Allianz Life) announced today that it has completed the acquisition of Life USA Holding, Inc, (Life USA)(Nasdaq:LUSA LUSA Lincoln University Students' Association LUSA Lusitanian News Agency - Agencia de Noticias de Portugal ) in a transaction valued at $540 million. As a result of the acquisition, Life USA has become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Allianz Life, but will continue to exist as a separate company. A unified management group and staff will manage both Allianz Life and Life USA. The companies have recently announced the intent to construct a consolidated corporate headquarters in Golden Valley, Minnesota Golden Valley is a city in Hennepin County, Minnesota, United States. It is a suburb bounded on the east by Minneapolis, and is the locus of the corporate headquarters of General Mills. Golden Valley is also the home of the Perpich Center for Arts Education and Breck School. . Concurrent with the transaction, Robert W. MacDonald has been elected chief executive officer and a director of Allianz Life. The board of Allianz Life also elected Margery G. Hughes president and chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive , Mark A. Zesbaugh senior vice president and chief financial officer, and Edward J. Bonach president of Allianz Life Special Markets Division. Robert S. James will retain his position as president of Allianz Life Individual Insurance Division. As previously announced, Lowell Anderson has retired as president and chief executive officer, but will continue as chairman of the Allianz Life board of directors. In commenting on the transaction, Robert W. MacDonald, founder of Life USA and newly elected CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allianz Life said, "The acquisition of Life USA by Allianz Life is truly a serendipitous ser·en·dip·i·ty n. pl. ser·en·dip·i·ties 1. The faculty of making fortunate discoveries by accident. 2. The fact or occurrence of such discoveries. 3. An instance of making such a discovery. and beneficial event for the policyholders, shareholders and employees of the two companies. In addition, the integration of Allianz Life and Life USA will create one of the largest enterprises in Minnesota and a powerful force in the life insurance and annuity industry." Allianz Life is a leading provider of life, group health, long term care and variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. products through independent distribution networks and financial institutions in the U.S. and Canada. Allianz Life is wholly owned by Allianz of America, Inc., the holding company for the North American companies of the Allianz group, an international insurance group headquartered in Munich, Germany. The Allianz group is ranked as one of the five largest insurance groups in the world. Life USA Holding, Inc. is a national financial services holding and marketing company based in Minneapolis. Its primary subsidiary, LifeUSA Insurance Company is represented by over 75,000 independent agents and 160 marketing organizations nationwide. |
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