AmerUs Group Completes Aviva Merger.DES MOINES, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, -- AmerUs Group Co., a leading producer of life insurance and annuity products, today announced its merger with Aviva plc has been completed effective today. Shareholders of AmerUs Group will receive $69 in cash for each share of AmerUs Group common stock. AmerUs Group common stock will not be open for trading today on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ) and is being delisted from the NYSE. Commenting on the completion of the transaction, AmerUs Group's chairman, president and chief executive officer Thomas C. Godlasky said, "This is a milestone event in AmerUs Group's history and we are very excited about our future as part of the Aviva group of companies. Aviva's global brand presence, financial strength and scale are a significant advantage as we grow our business in the United States." Philip Scott, executive director, Aviva International, said: "Our acquisition of AmerUs gives us a leading position within an important segment of the world's largest long-term savings market. In a single step this provides a platform for significant profitable growth in the US while becoming the fourth-largest life business in the Aviva group. Integration planning of our existing US business into AmerUs is well-advanced and integration will begin immediately." Mr. Godlasky has been named Aviva USA's president and chief executive officer. The company's management and U.S. operations will be headquartered in Des Moines, Iowa. Philip Easter Named Chief Financial Officer Additionally, the company announced that Philip Easter will assume the position of executive vice president and chief financial officer, replacing Melinda S. Urion. Ms. Urion will be leaving effective December 15, 2006, in connection with the completion of the Aviva merger. "Melinda has provided excellent finance and accounting leadership at AmerUs. Her disciplined approach to financial management has inured in·ure also en·ure tr.v. in·ured, in·ur·ing, in·ures To habituate to something undesirable, especially by prolonged subjection; accustom: to the benefit of AmerUs and its shareholders. We wish her the very best and are grateful for her service" said Mr. Godlasky. Mr. Easter (age 53) is currently finance director, Aviva UK general insurance, and has had a long career in finance with the company, having previously held senior finance roles including managing director, group finance and group financial controller. "His knowledge and insight will ensure a smooth transition from U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). reporting to international accounting standards," said Mr. Godlasky. Mr. Easter will assume his new role effective January 1, 2007, subject to regulatory approval. About AmerUs Group AmerUs Group Co. is located in Des Moines, Iowa, and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States. Its major subsidiaries include: AmerUs Life Insurance Company, American Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Indianapolis Life Insurance Company. As of September 30, 2006, AmerUs Group's total assets were $26.0 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $1.7 billion, including accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as . About Aviva plc Aviva is one of the leading providers of life and pensions to Europe with substantial positions in the other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at December 31, 2005. Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of [pounds sterling]36 billion ($65 billion USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of [pounds sterling]322 billion ($552 billion USD) as of December 31, 2005. |
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