Chicago Fort Dearborn Life Announces Intent to Acquire N.Y. Company

Chicago-based Fort Dearborn Life Insurance Co., a subsidiary of
Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, has announced the signing of a letter of intent to acquire a New York domiciled life and accident and health insurance company to be named at a later date. This stock purchase acquisition is expected to close in 2007 and represents a commitment from Fort Dearborn Life to enter the New York group benefits marketplace.

In August, Fort Dearborn Life acquired the life and disability blocks of business of HM Life Insurance Company and will enter into a similar transaction in 2007 for the life and disability blocks of business written by HM Life Insurance Company of New York, subject to regulatory approvals.

“We are dedicated to entering and growing our business in New York, and we look forward to this acquisition opening distribution opportunities for us in that state,” said Larry Newsom,
president and CEO of Fort Dearborn Life.

According to the company release, Fort Dearborn Life is the 14th largest carrier in the United States based on group life volume.
The seller of the company to be acquired will be disclosed at the time of the closing of the transaction, which is subject to regulatory approvals.

Fort Dearborn Life identifies itself as among the country’s leading
providers of employee benefits. Fort Dearborn Life markets group life, short- and long-term disability, group dental and individual annuity programs.

Source: Fort Dearborn Life

Topics Mergers & Acquisitions New York