NU Online News Service, Feb. 10, 2004, 3:28 p.m. EST – Ohio National Life Insurance Company loves New York.[@@]
The Cincinnati insurer has agreed to acquire a marketing partner, Security Mutual Life Insurance Company of New York, Binghamton, N.Y., for a price that was not disclosed.
Ohio National hopes to complete the deal by the end of the year.
Before Ohio National can close on the acquisition, Security Mutual must get permission from New York state regulators and its own policyholder-owners to convert to a stock charter. The Security Mutual policyholders will receive cash compensation for their stake in the company.