Colorado Bankers Life Sold To Southland National

[Newby]

I believe Global Bankers mentioned above was denied by some state regulators in their acquisition attempt of Cincinnati Equitable and/or Lincoln Benefit. This following article mentions they backed out of the deal, but not sure which is true: Global Bankers dropped 2 deals as word emerged of federal criminal investigation

They are apparently on a buying spree of buying smaller carriers. I thought I had Ohio Ins comm rejected the acquisition offer. Sometimes, regulators are worried the purchase of the carriers is merely to slowly bleed out the carrier or impact consumers by changing policies to only the bare minimum contractual policy guarantees.

I saw on the news that Global Bankers announced 2 days ago they are selling off all insurance operations. I believe this would include Southland National & Colorado Bankers as Global bankers already owns both. Global Bankers Insurance to sell off life insurance operations

So, not sure how Southland National can already be buying Colorado Bankers when their parent company owns both & has both for sale. Sounds like Global Bankers is merely combining those 2 companies to improve the efficiency to find a new buyer

I know that they were never approved by the state of Ohio on the sale of Cincinnati Equitable. It drug on for over a year and Cincinnati pulled out when it became obvious the buyers had serious issues that the insurance regulators were uncovering.

 

[Allen Trent]

I know that they were never approved by the state of Ohio on the sale of Cincinnati Equitable. It drug on for over a year and Cincinnati pulled out when it became obvious the buyers had serious issues that the insurance regulators were uncovering.

I believe you are accurate. I believe the regulators had issue with the buyer or how much they were agreeing to pay. Maybe the regulators could see more about the buyers ability to stay the course, especially considering how soon after that the buyers are not wholesale selling all of their insurance operations

 

[SusieQ2]

Interesting. NCDOI | Financial Analysis & Receivership - Regulatory Actions

 

[MosesNewmanNAAIP]

I have found Colorado Bankers Life exceptionally easy to work with. We have sent lots of business their way.