MetLife finishes $1.2 billion acquisition of General American Life | Insure.com

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MetLife finishes $1.2 billion acquisition of General American Life

By Insure.com - Last updated: Jan. 10, 2000

Metropolitan Life Insurance Co. has finished its acquisition of General American Life Insurance Co. with $1.2 billion from the sale going to the latter company's policyholders.

General American Life, based in St. Louis, began seeking a buyer last summer after it could not pay $6.8 million in cash obligations owed to 37 institutional investors. At that time, the Missouri Department of Insurance (DOI) placed the company under voluntary administrative supervision.

The $1.2 billion MetLife paid for the company will go into escrow, where it will be distributed among an estimated 330,000 policyholders by the end of 2002. "We acted last summer to protect the interest of those policyholders," says Keith Wenzel, director of ... http://auto-insurance.ucoz.com/news/general_life_insurance_company/2013-06-17-3684