NU Online News Service, March 15, 2005, 2:25 p.m. EST
MetLife Inc., New York, will be turning more assets over to a life insurer with strong ties to the African-American market.[@@]
MetLife’s Metropolitan Life Insurance Company unit will be putting $100 million in additional general account assets under the management of Atlanta Life Investment Advisors, a subsidiary of Atlanta Life Financial Group Inc., Atlanta.
Metropolitan Life put $50 million in assets under Atlanta Life’s management in July 2004.
Atlanta Life, an African-American-owned life insurer and life reinsurer that was founded in 1905, now manages about $260 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.