Massachusetts Regulators OK
Massachusetts insurance regulators have approved efforts by Manulife Financial Corp. to acquire the life insurance units of John Hancock Financial Services Inc.
Manulife, Toronto, applied for permission from the Massachusetts Division of Insurance to acquire John Hancocks Boston-based life units in November 2003.
Manulife still has to get approval from Canadas Office of the Superintendent of Financial Institutions and the Canadian finance minister.
But Massachusetts regulators report that the case was so clear-cut that Manulife was the only party that showed up to participate in the divisions public hearing on the deal application.