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Heritage Union Moves Closer To Acquiring Annuity & Life Re Unit

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Connecticut insurance regulators have given a Virginia insurer permission to scoop up a Nutmeg State reinsurer.

The ruling clears the way for Heritage Union L.L.C., Richmond, Va., to acquire Annuity and Life Reassurance America Inc., Windsor, Conn.

Heritage Union is the parent of Heritage Union Life Insurance Company, which sells accidental death insurance and other products.

Annuity & Life Re America is part of Annuity & Life Re (Holdings) Inc., Hamilton, Bermuda, a reinsurer that stopped selling reinsurance after it ran into underwriting problems.

The price of the deal and other terms were not immediately available.

Heritage Union and Annuity & Life Re hope to close on the deal by April 1, according to Annuity & Life Re.


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