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Corporate changes: the consolidation of the life/health industry continued in 2001. (Life/Health).

The pace of consolidation picked up in the life/health industry in 2001, as the number of mergers nearly doubled from the year before. Twenty-nine mergers took place in 2001, up from 17 mergers in 2000. This trend is further supported by the number of life/health insurers changing their names to reflect affiliations. This year's corporate changes study, based on filings and A.M. Best Co. data, shows 25 name changes in 2001, which held steady from the prior year's 24. Seven companies ceased operations in 2001, and six insurers redomesticated. All changes occurred in 2001, unless otherwise noted.

Mergers and Retirements

Arbor Life Insurance Co., Phoenix, was dissolved.

Bankers American Life Assurance Co., Syracuse, N.Y, was merged into First Fords Insurance Co.

Bankers United Life Assurance Co., Cedar Rapids, Iowa, was merged into Life Investors Insurance Company of America, effective in December.

Berkshire Life Insurance Co., Pittsfield, Mass., was merged into Guardian Life Insurance Company of America.

Chapparal Life Insurance Co., Phoenix, was dissolved, effective in March.

CLA Assurance Co., Des Moines, Iowa, was merged into Indianapolis Life Insurance Co.

CNA Group Life Assurance Co., Chicago, was merged into American Continental Life Insurance Co.

Concordia Life Insurance Co., Toronto, was merged into Empire Life Insurance Co. in 2002.

Electric Mutual Benefit Association, Salt Lake City, was dissolved, effective in March.

Fortune Life Insurance Co., Phoenix, was dissolved.

Free Sons of Israel, New York, merged into Workmen's Benefit Fund of the USA.

Frontier National Life Insurance Co., Cleveland, was merged into Conseco Health Insurance Co.

General Life Insurance Company of America, Edwardsville, Ill., was merged into General Life Insurance Co.

Grand Pacific Life Insurance Co. Ltd., Honolulu, was merged into Sterling Investors Life Insurance Co.

GuideOne America Life Insurance Co., Phoenix, was merged into GuideOne Life Insurance Co.

Harris Methodist Health Insurance Co., Arlington, Texas, was dissolved.

Health Net Life Insurance Co., Woodland Hills, Calif., was merged into Foundation Health Systems Life & Health Insurance Co.

Humana Insurance Co., Kansas City, Mo., was merged into Employers Health Insurance Co.

Imperial General Life Insurance Co., St. Louis, was merged into American Founders Life Insurance Co.

Imperial Life Assurance Company of Canada, Levis, Quebec, was merged into Desjardins-Laurentian Life Assurance Co., effective in December.

Kansas Farm Bureau Life Insurance Co., Manhattan, Kan., was merged into Farm Bureau Life Insurance Co.

MFC Insurance Co. Ltd., Scarborough, Ontario, was merged into Manulife.

Milwaukee Life Insurance Co., Brookfield, Wis., was merged into NGL American Life Insurance Co.

Nacolah Life Insurance Co., Chicago, was merged into North American Company for Life & Health Insurance.

North West Life Assurance Company of America, Bellingham, Wash., was merged into Reassure America Life Insurance Co.

Paul Revere Protective Life Insurance Co., Wilmington, Del., was merged into Paul Revere Life Insurance Co.

Paula Assurance Co., Pasadena, Calif., was liquidated.

Pierce National Life Insurance Co., Los Angeles, was merged into Fortis Benefits Insurance Co., effective in July.

Swiss Re Life & Health America Inc., Armonk, N.Y., was merged into Life Reassurance Corporation of America.

Teton National Insurance Co., Lone Tree, Colo., was merged into American Founders Life Insurance Co.

TexasRe Life Insurance Co., Dallas, was merged into Life Reassurance Corporation of America, effective in January.

United Presidential Life Insurance Co., Kokomo, Ind., was merged into Conseco Life Insurance Co.

Universal Assurors Life Insurance Co., West Des Moines, Iowa, was dissolved.

Vulcan Life Insurance Co., Carmel, Ind., merged into Conseco Annuity Assurance Co.

Wabash Life Insurance Co., Carmel, Ind., was merged into Washington National Insurance Co.

Washington Life Insurance Company of America, Lafayette, La., was merged into American Founders Life Insurance Co.

Name Changes

Aetna Life Insurance & Annuity Co., Hartford, Conn., changed its name to ING Life Insurance & Annuity Co. in 2002.

American Continental Life Insurance Co., Kansas City, Mo., changed its name to CNA Group Life Assurance Co.

American Fidelity & Liberty Insurance Co., Warrington, Pa., changed its name to AF&L Insurance Co., effective in March.

Bankers & Farmers Life Insurance Co., Richardson, Texas, changed its name to First Command LIC.

College Life Insurance Company of America, Dallas, changed its name to Americo Financial Life & Annuity Insurance Co.

Cova Financial Life Insurance Co., Newport Beach, Calif., changed its name to MetLife Investors Insurance Company of California.

Desjardins-Laurentian Life Assurance Co., Levis, Quebec, changed its name to Desjardins Financial Security, effective in December.

East Funeral Benefit Insurance Co., Richardson, Texas, changed its name to Good Samaritan Life Insurance Co.

Employers Health Insurance Co., DePere, Wis., changed its name to Humana Insurance Co. Inc. in 2002.

First Cova Life Insurance Co., New York, changed its name to First MetLife Investors Insurance Co.

First ING Life Insurance Company of New York, New York, changed its name to National Security Life & Annuity Co. in 2002.

Foundation Health Systems Life & Health Insurance Co., Woodland Hills, Calif., changed its name to Health Net Life Insurance Co.

Great Lakes Life & Health Insurance Co., Indianapolis, changed its name to Renaissance Life & Health Insurance Co., effective in September.

Healthsource Insurance Co., Chattanooga, Tenn., changed its name to Berkshire Life Insurance Company of America.

International Reinsurance Co., New Orleans, changed its name to Inreco International Reinsurance Co.

Life Reassurance Corporation of America, Stamford, Conn., changed its name to Swiss Re Life & Health America Inc.

Mission American Life Insurance Co., Houston, changed its name to Guaranty Insurance & Annuity Co.

PaineWebber Life Insurance Co., San Francisco, changed its name to UBS PaineWebber Life Insurance Co.

PFL Life Insurance Co., Cedar Rapids, Iowa, changed its name to Transamerica Life Insurance Co.

Phoenix American Life Insurance Co., Hartford, Conn., changed its name to GE Group Life Assurance Co., effective in January

Phoenix Home Life Mutual Insurance Co., East Greenbush, N.Y., changed its name to Phoenix Life Insurance Co. and converted from a mutual to a stock company

Provident National Assurance Co., Chattanooga, Tenn., changed its name to Allstate Assurance Co. and redomesticated to Illinois.

Rocky Mountain Hospital & Medical Service, Denver, changed its name to Anthem Health Plans of Colorado.

Thomas Jefferson Life Insurance Co., Purchase, N.Y., changed its name to Fidelity & Guaranty Life Insurance Company of New York in 2002.

Unified Life Insurance Co., Houston, changed its name to Americom Life & Annuity Insurance Co.

Redomestications

American Family Life Assurance Company of Columbus, Columbus, Ga., was redomesticated to Nebraska from Georgia.

Foundation Health Systems Life & Health Insurance Co., Pueblo, Cob., was redomesticated to California from Colorado.

Healthsource Insurance Co., Chattanooga, Tenn., was redomesticated to Massachusetts from Tennessee.

Liberty Bankers Life Insurance Co., Milwaukee, was redomesticated to Iowa from Wisconsin.

Security-Connecticut Life Insurance Co., Avon, Conn., was redomesticated to Minnesota from Connecticut.

Transamerica Occidental Life Insurance Co., Los Angeles, was redomesticated to Iowa from California.
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Comment:Corporate changes: the consolidation of the life/health industry continued in 2001. (Life/Health).
Publication:Best's Review
Geographic Code:1USA
Date:Jun 1, 2002
Words:1108
Previous Article:Life choices: more consumers buy whole life policies, but those who opt for term life are buying policies with higher coverage amounts. (Life/Health).
Next Article:Riding the demutualization wave: restructuring at the life insurance industry has exceeded expectations, and more is likely. (Life/Health).
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