San Juan, Puerto Rico
Two insurance trade groups whose members are predominantly smaller companies are in serious merger negotiations.
At the fall conference of the National Alliance of Life Companies here, Judith Wright, the group’s immediate past president, briefed members on proposed terms of consolidation between the NALC and the Life Insurers Council.
The two associations have about 50 or so member companies each.
Wright said the purposes of the consolidation were first, to create an organization that has the potential to be stronger than the two existing organizations in their individual capacities; and second, to create an organization able to accomplish its purpose and be sustained for the long term.
Under the proposal, the new organization, as yet unnamed, would be a subsidiary of LOMA and members would be LOMA members. LIC is already a LOMA subsidiary.
After a phase-in period, dues would be paid to LOMA.