Consolidation of a slightly unusual
nature has just occurred in the US, with the merger of two
life insurers focused on the Catholic community, Catholic Knights
and Catholic Family Life Insurance. The merger follows approval by
the State of Wisconsin’s commissioner of insurance and creates the
second-largest Catholic fraternal organisation in the US.
Collectively the merged fraternal organisation,
for which a name has yet to be announced, has a membership of
120,000 with licensed operations in 28 states, total assets of some
$1.1bn and about $4.8bn of life insurance in force.
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Catholic Knights, formed in 1885, is the larger
of the two merger partners. In 2008 it reported assets of $831m and
life insurance business in force of $3.28bn. Catholic Family Life,
formed in 1868, is the oldest Catholic fraternal benefit
organisation in the US.
