NY mutuals merge

In further consolidation of
the US life insurance industry, two mutual insurers, Columbian
Mutual Life Insurance (CMLI) and Unity Mutual Life Insurance (UMLI)
have agreed to merge. Both insurers are headquartered in the state
of New York.

CMLI, the lead insurer in the
merger, said that the combined operation will have assets of about
$1.4bn and a surplus exceeding $100m.

CMLI was established in 1882
and is licensed in all 50 US states, while UMLI, which was
established in 1903, is licensed in 49 states.

In a statement, CMLI said
that both it and UMLI have a “common marketing philosophy, with
their sales focused on whole life and simplified issued life
insurance products.”

Following completion of the
merger, the combined company will trade under CMLI’s
name.

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