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Life Health > Life Insurance

Eastern Wraps Up Sale Of Benefits Unit

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Eastern Insurance Holdings Inc. has completed the sale of its group benefits subsidiary, Eastern Life and Health Insurance Company, to Security Life Insurance Company of America.

Security Life, Minnetonka, Minn., a company that sells dental and vision insurance, paid about $34 million for Eastern Life, according to Eastern, Lancaster, Pa. The payment included a combination of cash and a $1.75 million promissory note.

The note carries a 4% interest rate; the principal is due in full 36 months after the transaction closes.


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