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MERRILL LYNCH LIFE INSURANCE TO PURCHASE SERVICING UNIT FROM MONARCH LIFE INSURANCE

 MERRILL LYNCH LIFE INSURANCE TO PURCHASE
 SERVICING UNIT FROM MONARCH LIFE INSURANCE
 NEW YORK, Jan. 22 /PRNewswire/ -- Merrill Lynch Life Insurance Co. and Monarch Life Insurance Co. today announced they have signed a letter of intent for Merrill Lynch to acquire Monarch Life's variable life servicing unit based in Holyoke, Mass.
 Terms of the agreement, which is subject to approval by the court supervising the Monarch Life Receivership, were not disclosed.
 The servicing unit currently provides administrative services for Merrill Lynch's 59,000 variable life policies, and Monarch Life's 26,000 variable life policies. Under the agreement, Merrill Lynch will purchase certain assets and will offer employment in western Massachusetts to the existing variable life servicing workforce of approximately 140.
 In November 1990, Merrill Lynch entered into an agreement under which its insurance subsidiaries acquired, through reinsurance, the variable life business written by Monarch Life and previously purchased by Merrill Lynch clients.
 Merrill Lynch Life Insurance Co., a wholly owned subsidiary of Merrill Lynch & Co., Inc. (NYSE: MER), is part of the Merrill Lynch Insurance Group, whose insurance companies have over 280,000 policyholders and combined assets of more than $12 billion.
 Monarch Life Insurance Co. has total assets of $1.3 billion, with general account assets of $789.8 million.
 -0- 1/22/92
 /CONTACT: Fred Yager of Merrill Lynch, 212-449-7355, or David Kassabian of Monarch Life Insurance, 413-784-6630/
 (MER) CO: Merrill Lynch Life Insurance Co.; Monarch Life Insurance Co. ST: New York, Massachusetts IN: INS SU: TNM


SH-JT -- NY087 -- 2429 01/22/92 15:28 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:258
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