Why you can trust Insure.com

insure logo
quality icon

Quality Verified

At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria.

Last Updated Jun. 30, 2006

Business Men’s Assurance Co. of America (BMA), previously owned by Italian insurance giant Generali, has been purchased by Royal Bank of Canada (RBC) through its South Carolina-based Libery Life Insurance Co. for $220 million.

BMA, which is based in Missouri, says the company’s 150,000 life insurance policy and annuity holders should feel no impact from the sale.

BMA’s mutual fund management company, Jones & Babson Inc., with $1.5 billion in assets under management, is to be acquired by RBC Dain Rauscher.

Generali will retain the life reinsurance division of BMA, which will be spun off into a stand-alone company.

The transaction, which is subject to approvals by regulators in Canada and the U.S. and by the boards of directors and shareholders of BMA and Jones & Babson, is expected to close by the end of August 2002.

author image
Michelle Megna
Contributor

 
  

Michelle, the former editorial director, insurance, at QuinStreet, is a writer, editor and expert on car insurance and personal finance. Prior to joining QuinStreet, she reported and edited articles on technology, lifestyle, education and government for magazines, websites and major newspapers, including the New York Daily News.

Go To Top