NU Online News Service, Feb. 28, 10:54 a.m. – Irish Life & Permanent P.L.C., Dublin, has agreed to sell a U.S. subsidiary, Guarantee Reserve Life Insurance Company, Calumet City, Ill., to Reassure America Life Insurance Company, Jacksonville, Ill., for $121 million.
Guarantee Reserve sells funeral insurance.
Reassure America is a unit of Swiss Re Life & Health America Inc., Stamford, Conn., which, in turn, is a unit of Swiss Reinsurance Company, Zurich.
Irish Life and Swiss Re hope to complete the Guarantee Reserve deal by June 30.
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