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Minnesota Life Acquires Allied Solutions

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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.

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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.