Connecticut Insurance Commissioner Susan Cogswell has given a reinsurer permission to buy an inactive life insurance company domiciled in her state.
Cogswell has issued an order approving efforts by a unit of XL Capital Ltd., Hamilton, Bermuda, to acquire Servus Life Insurance Company from a unit of Hartford Financial Services Group Inc., Hartford, for $3 million.
Servus is the former Royal Life Insurance Company of America. Hartford acquired it from Royal Maccabees Life Insurance Company in 1997, according to a Servus variable annuity prospectus.
Servus is licensed to write business in 49 states and the District of Columbia. It is not licensed in New York and has only a restricted license in North Carolina, Cogswell writes in her order.