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 ST. PAUL, Minn., Jan. 25 /PRNewswire/ -- Fortis Financial Group, which manages more than 21 mutual funds, annuities and life insurance products, with assets under management exceeding $3.4 billion, announced today that it will form a new life insurance division to be called Fortis Life. The new entity combines the life insurance operations of Time Insurance Company, based in Milwaukee, and Fortis Benefits Insurance Company, based in St. Paul, Minn.
 The combined life insurance operation will be part of Fortis Financial Group. The new Fortis Life operation will add more than $300 million in assets and 180 employees from Time Insurance Company to Fortis Financial Group, which has 300 employees. Fortis Life will be managed from Milwaukee. The annuity and mutual fund operations will continue to be managed in St. Paul.
 "Our life and annuity products have shown strong growth in recent years, and we believe this trend will continue," said Edward M. Mahoney, president of Fortis Financial Group. "By combining the life insurance function within Fortis Financial Group, we will gain operating and marketing efficiencies, making Fortis Life highly competitive."
 Mahoney noted that Fortis Financial Group and Time Insurance have shared a data center and many of the same data processing systems for the last five years, which will facilitate the process of integrating the operations. He added that Ben Cutler has been named senior vice president of Fortis Life, and Sylvia Wagner has been appointed vice president of human resources for Fortis Financial Group. Previously, both held management positions with Fortis companies.
 In a related move, Fortis, Inc., also announced that it has formed Fortis Sales, a sales force of 50,000 independent insurance agents who currently sell Fortis Financial Group and Time Insurance products. Fortis Sales is based in Milwaukee and has already begun operation.
 St. Paul-based Fortis Financial Group, which has been managing money since 1949, offers a family of mutual funds, fixed and variable annuities, and variable universal life products. With the formation of Fortis Life, it now adds individual life insurance and individual disability income to its product line. Fortis Financial Group is a subsidiary of Fortis, Inc., New York, the U.S. subsidiary of Fortis International N.V., which is a worldwide financial services organization based in The Netherlands and Belgium with more than $45 billion in assets.
 -0- 1/25/93
 /CONTACT: David Hakensen or Nancy A. Johnson, 612-871-8877, or Andrew S. Edson, 212-752-8338, all of Padilla Speer Beardsley for Fortis; or Dean Kopperud, 612-738-4251 or 800-872-2638 of Fortis Financial Group/

CO: Fortis Financial Group ST: Minnesota IN: INS SU:

MP -- MN009 -- 8513 01/25/93 12:43 EST
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Publication:PR Newswire
Date:Jan 25, 1993

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