NU Online News Service, July 8, 2004, 9:54 a.m. EDT
MetLife Inc., New York, will be turning management of some assets over to a life insurer with strong ties to the African-American market.[@@]
MetLife’s Metropolitan Life Insurance Company unit will be putting $50 million of its general account assets in the hands of Atlanta Life Investment Advisors, a subsidiary of Atlanta Life Financial Group Inc., Atlanta.
Atlanta Life is an African-American-owned life insurer and life reinsurer that was founded in 1905. It now manages $117 million in assets.
MetLife began using Atlanta Life to reinsure some of its group life business in 2002, and it says it decided to expand its relationship with the company earlier this year as a result of participation in the Rev. Jesse Jackson’s Wall Street Project.