Insurer Makes Bid for Independent Brokers
National Underwriter (Life/Health) (10/02/00) Vol. 104, No. 40 p.19; King, Carole Ann

GenAmerica Financial is offering independent life insurance brokerage owners an equity share of a new distribution company called Brokerage Partners. The move is an attempt to attract high-end producers and general agents. The new company will focus on succession planning and helping clients capitalize on their money while alive. GenAmerica is currently in negotiations with five "significant players" in the brokerage market and expects to have them in place with Brokerage Partners by the end of the year. General American has been recovering after its financial troubles last year and Metropolitan Life's subsequent acquisition of the company. In 1999, GenAmerica sought administrative supervision from the Missouri Department of Insurance after the fall of its life insurance ratings and default on almost $4 billion in funding agreements from institutional investors.


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