NU Online News Service, April 30, 1:34 p.m. – Assicurazioni Generali S.p.A., Trieste, Italy, has agreed to sell the life insurance and mutual fund operations of Business Men's Assurance Company of America, Kansas City, Mo., to Royal Bank of Canada, Toronto, for $220 million.
The BMA life operations include a block of about 150,000 in-force life insurance policies and annuity contracts.
The mutual fund unit, Jones & Babson, manages about $1.5 billion in mutual fund assets, according to Royal Bank.
Generali will be keeping BMA's life reinsurance division and turning it into a stand-alone life reinsurance company, Generali Reassurance.
Current BMA reinsurance employees will become employees of Generali Reassurance, and the offices of the new reinsurance company will stay in the Kansas City area, Generali says.
Generali acquired BMA in 1990.
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