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Old Mutual To Fold Americom Into OM Financial

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An international insurer is streamlining its U.S. operations.

Old Mutual Financial Network, Baltimore, a U.S. arm of Old Mutual P.L.C., London, says it will merge its Americom Life and Annuity Insurance Company subsidiary into OM Financial Life Insurance Company, its main operating company, Oct. 1.

OM Financial Life Insurance Company will be the surviving company following the merger, Old Mutual Financial says.

OM Financial has licenses to operate in 49 states and the District of Columbia.

Old Mutual is merging the companies partly because it wants to strengthen the Old Mutual brand name and market the company as a leading provider of financial services for middle-income Americans, the company says.