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Hancock Completes Allmerica UL Deal

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NU Online News Service, April 2, 2003, 10:52 a.m. EST – John Hancock Life Insurance Company, a unit of John Hancock Financial Services Inc., Boston, says it has completed previously announced plans to reinsure the fixed universal life insurance business of Allmerica Financial Corp., Worcester, Mass.

The deal gives Hancock control over a block of 47,300 UL policies and $642 million in account balances.

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Hancock now has a total of 111,000 fixed UL policies in force with about $4 billion in account value.