Financial Industries Corp. says it will stop underwriting new insurance policies.
Financial Industries, Austin, Texas, the parent of Investors Life Insurance Company of North America, says it is implementing the decision to cease underwriting by terminating agreements with some independent insurance agents.
"In addition to managing its existing block of insurance policies, [Financial Industries] will continue to earn commissions on policies sold by agents appointed with its subsidiary ILG Sales Corporation under marketing agreements with unrelated insurance companies," Financial Industries says.
Financial Industries announced earlier this month that it has agreed to be acquired by Americo Life Inc., Kansas City, Mo., for $75 million in cash.
Financial Industries has been selling individual life through its Investors Life Insurance Company of North America subsidiary.
Financial Industries sold another unit, Family Life Insurance Company, to Manhattan Insurance Group Inc., Houston, in December 2006.
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