American United Mutual Insurance Holding Company has broken off efforts to acquire Shenandoah Life Insurance Company through a merger.
American United, Indianapolis, a unit of OneAmerica Financial Partners Inc., Indianapolis, first announced the deal with Shenandoah Life, Roanoke, Va., in November 2008.
“We’re not able to provide any details” about the decision to terminate efforts to merge, a OneAmerica spokesman says.
“Further information” about the termination “will be available shortly,” Shenandoah Life says in a note on its Web site. Company representatives were not immediately available to answer questions about the topic.
Shenandoah Life was founded in 1914. It sells individual life and annuity products along with employee benefits products.
OneAmerica originally had hoped to complete the deal by mid-2009.
OneAmerica and Shenandoah Life did not disclose how much OneAmerica had planned to pay for Shenandoah Life, but they said that Shenandoah Life would continue to operate as a separate insurance company with operations in Roanoke and that Shenandoah Life policyholders would get voting rights in OneAmerica.