NEW YORK MetLife Inc. has sold the assets and operations of Genelco Inc., a provider of strategic software and outsourcing to life and health insurers worldwide, to Liberty Insurance Service Corp., a South Carolina unit of Royal Bank of Canada.
The price was not disclosed.
Liberty will retain Genelcos employees. Genelcos operations will continue to be based in St. Louis and in Marietta, Ga., and Liberty will continue to provide outsourcing services to GenAmericas General American Life Insurance Co. and other insurers it had served in partnership with Genelco.
The acquired software division will continue to offer and support its portfolio of products, including Life Support Plus, Health Claims Plus, Benefit Administration Plus, and Reinsurance Support Plus.
MetLife bought Genelcos parent company, GenAmerica Financial Corp., early this year. In June it sold off some business segments of GenAmericas Navisys to TA Associates, and renamed the rest of Navisys as Genelco.
Liberty is part of RBC Insurance, which provides travel, life and health, credit, home auto and reinsurance products to three million North American customers.