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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
July 24, 2001 at 08:00 PM
NU Online News Service, July 24, 10:55 a.m. – Summit Life Corp., Oklahoma City, says a subsidiary, Great Midwest Life Insurance Company, has agreed to acquire the life insurance business of Presidential Life Insurance Company, Dallas.
The block of business consists of individual life policies with $780,000 in policy reserves and $120,000 in annual premium revenue.
The value of the deal was not disclosed.
Summit Life hopes to get permission from the Texas Department of Insurance to complete the deal by Aug. 1.
Completing the deal would increase the total assets of Summit Life by about 9% and triple the number of life policies it has in force, the company says.
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