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Reinsurer Completes Sale Of Connecticut Arm

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Heritage Union L.L.C. has acquired Annuity and Life Reassurance America Inc. from its parent, Annuity & Life Re (Holdings) Inc.

Heritage Union, Richmond, Va., is paying about $11 million to Annuity & Life Re, Hamilton, Bermuda, for Annuity and Life Reassurance, Windsor, Conn., according to Annuity & Life Re.

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

Annuity & Life Re is a reinsurer that stopped selling new reinsurance arrangements after it ran into underwriting problems.

Connecticut regulators approved the deal in February.

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