In a merger of affiliated companies, Ameritas Life Insurance Corp. said its board and the board of directors of The Union Central Life Insurance Co. approved the merger of Union Central into Ameritas Life. In addition, the board of Acacia Life Insurance Co. and the Ameritas board approved the merger of Acacia Life into Ameritas Life.
Union Central Life and Acacia Life are wholly owned subsidiaries of Ameritas Life. Both mergers will be effective July 1, subject to approval of insurance regulatory agencies. Ameritas said its presence in New York will continue to be represented by Ameritas Life Insurance Corp. of New York.
In 1999, Ameritas Mutual Insurance Holding Co. merged with Acacia Mutual Holding Corp. to form Ameritas Acacia Mutual Holding Co. in the first merger of two mutual holding companies. In 2006, Ameritas Acacia Mutual Holding Co. merged with Union Central Mutual Holding Co. and was renamed UNIFI Mutual Holding Co.
In 2012, UNIFI Mutual Holding Co. changed its name to Ameritas Mutual Holding Co.
“These actions were undertaken to create greater efficiency within our operations and simplify our business model, while reducing the complexity of the organizational structure that supports our insurance businesses,” Ameritas Chairwoman and CEO JoAnn Martin said in a news release.
No loss of jobs was expected by the mergers, said spokesman Scott Stuckey.