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New York Insurer Scoops Up Neighbor

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Columbian Mutual Life Insurance Company has acquired Farmers and Traders Life Insurance Company through a merger.

Columbian, Binghamton, N.Y., says policyholders of Farmers and Traders, Syracuse, N.Y., will become policyholders of Columbian and that policy provisions will not change.

Columbian says it plans to keep Farmers and Traders’ current offices in Syracuse as well as its own offices in Binghamton.

The combined company now has more than $1 billion in assets and about $70 million in surplus, Columbian says.

Columbian sells a wide range of life insurance products, such as voluntary life insurance policies and funeral insurance.

Farmers and Traders also has been selling a full line of insurance and annuity products, including whole life coverage, term life coverage, universal life coverage, fixed annuities and immediate annuities.