Cincinnati-based Western and Southern Life Insurance Co. said it is trying to buy the troubled Integrity Life Insurance Co.
Integrity Life is an Ohio-domiciled subsidiary of Louisville, Ky.-based Arm Financial Group.
Integrity has been under Ohio Insurance Department administration since late August after disclosing that it could not pay some institutional claims. Including its New York-based subsidiary, National Integrity Life Insurance Co., Integrity has $4.9 billion of assets.
Western and Southern said last week that it has not signed a deal.
Standard & Poor's said in a release that Integrity has completely liquidated the guaranteed investment contracts that caused the claims-paying problems.