Continuing the trend of
consolidation among smaller US insurers, Baltimore Life Companies
(BLC) is acquiring Philadelphia United Life Insurance Company for
an undisclosed sum.
The acquisition, which will
be paid for in BLC shares, will boost BLC’s policy-base to 350,000
and its total assets to $900m.
Go deeper with GlobalData
Founded in 1882, BLC provides
life and health insurance and annuity products to individuals and
businesses and is licensed in 49 states and the District of
Columbia.
In 2009, BLC was ranked among
the top-50 life and health insurers in the US by consultancy Ward
Group, in a review of some 800 life and health companies in the
US.
In 2009, BLC reported premium
income of $116m, total revenue of $168m and a net profit of $1.33m.
Total assets at the end of 2009 at $857m.
