NU Online News Service, May 4, 2004, 5:19 p.m. EDT – Minnesota Life Insurance Company, St. Paul, Minn., has agreed to acquire Allied Solutions L.L.C., a Carmel, Ind., company that sells insurance and other products to banks.[@@]

The price of the deal was not available, but Minnesota Life says it plans to let Allied continue to operate as a wholly owned subsidiary under its own brand name.

Sales and service personnel who work in Minnesota Life’s regional offices will join the new Allied unit, Minnesota Life says.

The combined sales force will have about 100 associates, Minnesota Life estimates.

Minnesota Life notes that a group of former Minnesota Life employees founded Allied 25 years ago. The companies have marketed each other’s products since 1999.