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Mutual Of Omaha Sells Variable Business

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NU Online News Service, Feb. 2, 2004, 4:48 p.m. EST – Security Benefit Group Inc., Topeka, Kan., is acquiring the variable life and variable annuity business of Mutual of Omaha through a reinsurance agreement.[@@]

The price of the deal and other terms were not immediately available.

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Mutual of Omaha stopped writing new variable business in 2003. The Omaha, Neb., insurer plans to send Security Benefit a block of 15,668 variable annuity contracts and a block of 9,600 variable life business.

Security Benefit will take over administration of the blocks as well as responsibility for paying claims.