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Fort Dearborn Life To Merge With Subsidiary

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NU Online News Service, Aug. 31, 2004, 4:19 p.m. EDT

Fort Dearborn Life Insurance Company, Chicago, plans to merge with its own subsidiary, Medical Life Insurance Company, Cleveland.[@@]

Fort Dearborn Life is a subsidiary of Health Care Service Corp., Chicago, the parent company of the Blue Cross and Blue Shield Plans in Illinois, New Mexico and Texas. It acquired Medical Life from Blue Cross and Blue Shield of Ohio, Cleveland, in 1997.

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Fort Dearborn Life and Medical Life now sell group and voluntary insurance and annuity products. Together, the companies have more than $1.5 billion in assets and $115 billion in life insurance in force. The merger is scheduled to take effect Dec. 31.

Fort Dearborn Life is merging with Medical Life to implement a national branding campaign, according to Fort Dearborn Life President Larry Newsom.

Fort Dearborn Life will keep the old Medical Life operations in Cleveland, and it plans to expand the Cleveland operations, Fort Dearborn Life says.