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Banks Slow To Underwrite And Reinsure.(Brief Article)(Statistical Data Included)
- Article from:
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National Underwriter Life & Health-Financial ServicesEdition
- Article date:
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May 1, 2000
- Author:
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Copyright informationCOPYRIGHT 2000 The National Underwriter Company. 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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Banks have not yet begun to underwrite life insurance in a big way, but that doesn't mean they're not interested, analysts say.
Historically, a few savings and loans have owned life insurance companies because they didn't have the same restrictions as large national banks, noted Kenneth Kehrer, head of a Princeton, N.J., research firm bearing his name.
Some large banks such as PNC Bank in Pittsburgh have been involved in reinsuring annuities, he said. PNC has an offshore captive that it can use to help place reinsurance for any insurance it sells, he noted.
On the other hand, institutions like BankAmerica and National City Bank in Cleveland have said they would not ...