OneAmerica To Acquire Golden Rule Financial Business

By Staff Writer

August 02, 2005 at 08:00 PM

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OneAmerica Financial Partners Inc. has agreed to acquire the life, annuity and long term care insurance operations of a unit of UnitedHealth Group Inc.[@@]

OneAmerica, Indianapolis, is not saying how much it will be paying for the financial services division of the UnitedHealth unit, Golden Rule Insurance Company, Lawrenceville, Ill.

But OneAmerica says one of its own affiliates, State Life Insurance Company, will be acquiring the Golden Rule financial services division through an indemnity reinsurance agreement.

The division has about $1.8 billion in assets.

Once the deal is completed, Golden Rule financial services employees will become employees of OneAmerica, OneAmerica says.

Analysts at Fitch Ratings, New York, say the proposed deal does not affect the agency's views of OneAmerica, but they say the deal will added needed scale to the group's individual operations.

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