Columbian Mutual Life Insurance Company and Farmers and Traders Life Insurance Company, Binghamton, N.Y., have announced the completion of the merger between the two mutual life insurance companies which essentially doubles the size of the two predecessor companies.
Effective on October 1, 2007, Farmers and Traders Life Insurance Company based in Syracuse, New York, merged into and became a part of Columbian Mutual Life Insurance Company of Binghamton, New York. Columbian Mutual, licensed in all 50 states is the parent company of the Columbian Financial Group of Companies. The combined organization now has assets in excess of $1 billion and a strong surplus position which exceeds $70 million.
“I am excited about this transaction,” said Thomas E. Rattmann, Chairman, President and Chief Executive Officer of Columbian Mutual Life Insurance Company. “Farmers and Traders is a financially solid company offering products and services that fit well with our own organization. This merger will benefit the policyholders and the field associates of both organizations.”
Farmers and Traders policyholders become policyholders of Columbian Mutual and their policy provisions will not change. Employees will be maintained in both Syracuse and Binghamton, and the new organization will continue to service both their new and existing policies and agents.