NU Online News Service, July 19, 3:15 p.m. – Inviva Inc., New York, the company that developed the “Instant Term” system for selling term life insurance through the Web, says it has agreed to buy Conseco Variable Insurance Company from Conseco Inc., Carmel, Ind.
Inviva hopes to complete the deal, which requires regulatory approval, Sept. 30.
Inviva and Conseco have not yet announced the price of the deal, but inviva says completing the deal would bring it an established insurance company with 90,000 in force policies, $2.3 billion in assets, $1.4 billion in variable-annuity account value and $800 million in general-account liabilities for fixed annuities and other products.
Inviva would also get an independent broker-dealer distribution system that uses more than 300 broker-dealers to sell through 1,800 registered representatives.
Inviva, the holding company for The American Life Insurance Company of New York, emphasizes that it plans to use Conseco Variable to sell new variable and fixed annuities, not simply collect income from administering Conseco Variable’s in-force policies.