NU Online News Service, July 7, 2003, 1:25 p.m. EDT – Universal American Financial Corp., Rye Brook, N.Y., says it has agreed to acquire the marketing organization of Guarantee Reserve Life Insurance Company, Calumet City, Ill., from a subsidiary of Swiss Reinsurance Company, Zurich.
The price of the deal and other terms were not immediately available.
Swiss Re reported in February that it had agreed to buy Guarantee Reserve from Irish Life & Permanent P.L.C., Dublin, for $121 million.
Universal American is best known for selling insurance products aimed at older Americans and for selling administrative services for other insurers that operate in the senior market.
Guarantee Reserve sells funeral insurance. The company generated $38 million in new life premiums in 2002, Universal American says.