Crown Life's Acquisition of Aetna Canada's Group Pension Business Approved.REGINA, SASKATCHEWAN--(BUSINESS WIRE)--Oct. 31, 1996-- Crown Life (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CLA CLA, n.pr See acid, conjugated linoleic. ., ME CLA.) Crown Life Insurance Company announced today that regulatory approval has been granted in connection with its acquisition of the group pension business of Aetna Life Insurance Company of Canada. The closing date for the transaction is October 31, 1996. The addition of over 300 clients, representing 21,000 pension plan members, nearly doubles the number of Crown Life's pension customers. The business includes 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 almost $300 million. This acquisition increases Crown Life's current pension assets under management to approximately $1 billion. "Crown Life's Canadian pension business substantially increases through this transaction," said Bill Heidt, Crown Life's Senior Vice President of Employee Benefits and Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Operations. "This is an important element in growing our group pension business in Canada." Now in its 96th year of operation, Crown Life ranks among the top five percent of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. life insurance companies. Operating in North American and selected international markets, the Company provides life insurance, health insurance and pension programs to individuals and groups, and reinsurance services to other insurance companies. CONTACT: Crown Life Insurance Company Don Savaria, 306/751-6153 306/751-6150 (FAX) (800) 827-6965 (Toll Free) |
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