(June 26 – 17:55 ET) – Clarica Life Insurance Co. and Equitable Life of Canada have completed the transfer to Equitable Life of a block of approximately 12,000 non-participating individual life insurance policies, closing an agreement signed in November 1999.
Clarica acquired the policies when it bought the Canadian operations of Metropolitan Life Insurance Co. in 1998. The policies were originally sold by brokers. Clarica distributes its products through an exclusive career sales force; Equitable Life markets solely through independent brokers.
From the closing date forward, Equitable Life will administer all of the policies. Clarica and Equitable Life have kept customers informed of the process to date, and customers will receive confirmation of the completion of the deal through a July mailing from Equitable Life.
-IE Staff