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Article: Wash. Nat'l divests another unit in restructure. (Washington National Life Insurance Co. subsidiary of Washington National Corp. Evanston, IL)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- April 1, 1991
- Author:
CopyrightCOPYRIGHT 1991 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wash. Nat'l Divests Another Unit In Restructure
Citing an attempt to streamline operations and a desire to increase its profile in the sometimes volatile individual health insurance sector, Washington National Corp. of Evanston, Ill., recently announced the $10 million sale of Washington National Life Ins. Co. to the Columbian Mutual Life Ins. Co. of Binghamton, N.Y.
The sale, which will result in a one-time after-tax 1990 fourth quarter loss of $17 million for the corporation, is subject to regulatory approval which is expected by June 30.
The transaction will produce increased 1991 operating income for Washington National and future income as a ...