Move Consolidates RBC's U.S. Life Insurance Operations
GREENVILLE, S.C., July 3 /PRNewswire/ -- RBC Insurance has merged Liberty Life Insurance Company and Business Men's Assurance Company of America (BMA), its core U.S. insurance businesses, and consolidated its marketing brands. The move strengthens RBC's position as a nationwide life insurance carrier, providing capital leverage and increased market visibility as the company pursues its U.S. growth strategy.
The merged company, whose legal entity will be called Liberty Life Insurance Company, will eliminate its RBC Liberty Insurance brand and operate under a single brand name, RBC Insurance. As South Carolina's largest state- based life insurer, it will remain headquartered in Greenville, where it has over 200 employees. No job losses are expected as a result of the merger.
"Consolidating our operations solidifies RBC's U.S. insurance platform and positions us for continued growth in today's highly competitive marketplace," said David Black, head of U.S. insurance for RBC. "This merger strengthens our balance sheet, elevates our market profile and creates internal efficiencies that enable us to serve our clients more effectively." The merger has been approved by the South Carolina Department of Insurance and is subject to approvals by other U.S. regulators. The company is licensed in all states except New York. In addition to its Greenville headquarters, it has a sales and marketing office in Kansas City, MO, and a field force of approximately 300 full-time agents.
Liberty Life Insurance Company and BMA were acquired by Royal Bank of Canada in November 2000 and May 2003, respectively.
About RBC Insurance As the insurance operation of Royal Bank of Canada (NYSE:RY) Toronto, RBC Insurance provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American customers. Based in Greenville, South Carolina, the U.S. life insurance division of RBC Insurance, through its operating entity, Liberty Life Insurance Company, provides life and health insurance, annuities and related personal financial security products to consumers through regional and independent broker dealers, national marketing organizations, RBC banking and investment channels, the Internet, other direct marketing channels and a field force of approximately 300 full-time sales agents. For more information, please visit http://www.rbcinsurance.com/us . DATASOURCE: RBC Insurance CONTACT: Bill Free of RBC Insurance, +1-864-609-4302, or Web site: http://www.rbcinsurance.com/us
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