PRIMERICA LIFE INSURANCE COMPANY OF CANADA COMMENCES OPERATIONS; RICHARD B. MORGAN JR. NAMED PRESIDENT
PRIMERICA LIFE INSURANCE COMPANY OF CANADA COMMENCES OPERATIONS;
RICHARD B. MORGAN JR. NAMED PRESIDENT
MISSISSAUGA, Ontario, Nov. 4 /PRNewswire/ -- Massachusetts Indemnity and Life Insurance Company (MILICO) has formed Primerica Life Insurance Company of Canada as a subsidiary dedicated to the Canadian market.
Primerica Life Insurance Company of Canada will replace MILICO in Canada as the exclusive insurance underwriter for representatives of Primerica Financial Services Ltd.
Primerica Life Insurance Company of Canada and the company has received approval from the Canadian and British Insurance Companies Act to underwrite life insurance policies in each of the 10 Canadian provinces.
MILICO will maintain pre-existing Canadian business and Primerica Life of Canada will underwrite new sales. However, it is anticipated that at a later time, Primerica Life Insurance of Canada will assume MILICO's Canadian business. Any affected policyholders will receive a "Certificate of Assumption" and the assumption will be carried out under the supervision of the Superintendent of Financial Institutions (Canada).
Richard B. Morgan Jr. was named president of the new company and will also retain his position as president of Primerica Financial Services Ltd., the general agent for Canada. In 1990, the agency placed $6.5 billion in individual life insurance through MILICO in Canada, ranking second in the nation.
"Our company has experienced tremendous success by marketing the concept of buy term and invest the difference.' In fact, MILICO leads the North American industry with more than $300 billion in individual insurance in force," commented Peter M. Dawkins, chairman and CEO of Primerica Financial Services, which includes all North American operations. "Dick Morgan and I are committed to provide the highest quality products and service for our Canadian clients and we felt we could best accomplish this by incorporating Primerica Life Insurance Company of Canada as a subsidiary tailored specifically for the Canadian market."
Like MILICO, Primerica Life of Canada will concentrate on underwriting and administering term life insurance products. The most popular product is a 20-year, level premium, leveg?e product. In addition, terms of 5, 10 and 15 years are also available.
Morgan commented: "I am very gratified to be named president of Primerica Life Insurance Company of Canada by Pete Dawkins. I am equally excited by the fact that our parent company has demonstrated its full commitment and dedication to serving the Canadian consumer and economy by forming this new insurance company."
Primerica Life Insurance Company of Canada, MILICO and Primerica Financial Services are each subsidiaries of Primerica Corporation (NYSE: PA), a diversified financial services company headquartered in New York. Other Primerica subsidiaries include Commercial Credit, Smith Barney and American Capital Management & Research. As of Sept. 30, Primerica had assets of approximately $22.5 billion.
/CONTACT: Glenn J. Williams of Primerica Life Insurance Company of Canada, 416-848-7752, or Mark L. Supic of Primerica Financial Services, 404-564-6329/
(PA) CO: Primerica Life Insurance Company of Canada; Massachusetts Indemnity
and Life Insurance Company; Primerica Financial Services Ltd. ST: Ontario, Georgia IN: INS SU: PER BN-BR -- AT007 -- 0678 11/04/91 11:08 EST