NU Online News Service, Jan. 8, 4:24 p.m. – John Hancock Financial Services Inc., Boston, says it has agreed to acquire the fixed universal life insurance business of Allmerica Financial Corp., Worcester, Mass., through a reinsurance arrangement with a value of about $90 million.
The companies hope to complete the deal by March 31.
Hancock has agreed to administer the policies and assume liability for claims in exchange for the reserves backing the policies and the premiums that will be paid on the policies in the future.