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August 08, 2006 at 04:06 PM
Great American Financial Resources Inc. has completed a $205 million cash deal for Ceres Group Inc. and set about selling Ceres’ health insurance operations.
Ceres, Strongsville, Ohio, markets major medical insurance to consumers of all ages and a variety of insurance products to older consumers.
Great American, Cincinnati, is keeping Ceres’ senior markets business, but it announced in May that it wanted to sell the major medical business to American Enterprise Mutual Holding Company, Des Moines, Iowa, through a reinsurance arrangement with a value of about $11 million.
World Insurance Company, Omaha, Neb., an American Enterprise unit, now has formally announced that it will be acquiring Ceres’ major medical business.
