North Carolina Mutual said Friday that it has acquired 10,000 policies from American Life and Health Insurance Co. of Missouri.
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The North Carolina company announced this year that it planned to expand into new markets and grow through the acquisition of whole companies or blocks of business from other companies.
The purchase of the block of policies from American Life adds about $3 million of assets and reserves at North Carolina Mutual.
Before the deal North Carolina Mutual had 400,000 policyholders in 22 states and the District of Columbia. It has more than $14 billion of policies in force. During 2003, its gross premiums grew 25%, to $138.4 million.
