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New York Life Buys COLI Business

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NU Online News Service, Sept. 25, 10:22 a.m. – New York Life Insurance Company, New York, says it has bought a unit of Clark/Bardes Consulting Inc., North Barrington, Ill., that sells small and midsize corporate-owned life insurance cases.

Clark/Bardes will be keeping the existing book of COLI business, and it will also keep a unit that sets up large COLI cases.

The deal will help New York Life set up supplemental executive retirement programs for small and midsize companies, New York Life says.

The price of the Clark/Bardes COLI business was not disclosed.