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Royal Bank Defines Market For Genelco And Liberty Insurance Services Units

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NU Online News Service, Aug. 20, 3:16 p.m. – Royal Bank of Canada, Toronto, is making changes at Liberty Insurance Services Corp., Greenville, S.C., and Genelco, St. Louis, two life insurance computer services units it recently acquired.

The bank announced the acquisition of Liberty Insurance Services from Liberty Corp., Greenville, in June 2000, and the acquisition of Genelco from MetLife Inc., New York, in November 2000.

Now that the bank has completed both deals, it says it will rename the Greenville operation RBC Liberty Insurance and put it in charge of outsourcing services for traditional life insurance operations.

Genelco will handle software development, software support, and outsourcing for annuities and nontraditional life products, Royal Bank says.


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