(November 17 – 19:00 ET) – Royal Bank’s recently acquired Liberty Insurance Services Corp. subsidiary has acquired assets from Genelco Inc. of St. Louis, a software technology and outsourcing service provider for the insurance industry.

Under the agreement, Liberty acquired substantially all of the assets of Genelco’s software and outsourcing divisions, including their client contracts. Liberty plans to keep all of Genelco’s 300-odd employees from these two divisions in their current locations, combining Genelco’s outsourcing activities with its own operations, and maintaining the Genelco name for the software business. Terms of the transaction were not disclosed.

The acquisition brings Liberty’s new third-party administration expertise to the variable life and variable annuity markets, complementing its strengths in the traditional life, health and annuity markets. “This acquisition is an excellent opportunity for us to serve a wide range of new customers and increase revenue with existing ones while making our total integrated product and service offering among the broadest in the marketplace,” said Jennie Johnson, president, Liberty Insurance Services Corp. “We believe offering a comprehensive array of products and services is the best approach and will allow LIS to strengthen its leadership position.”
-IE Staff