American Enterprise Mutual Acquires Ceres Group’s Medical Business

Omaha, Neb.-based World Insurance Company (World), a subsidiary of American Enterprise Mutual Holding Company, recently announced an agreement between General American Financial Resources, Inc. (GAFRI) and AmericanEnterprise to purchase through reinsurance the major medical block of business previously owned by Ceres Group, Inc. brands including: Continental General Insurance Company (Omaha, Neb.), Central Reserve Life Insurance Company (Cleveland, Ohio) and Provident American Life & Health Insurance Company (Strongsville, Ohio).

AmericanEnterprise plans to market the CRL brand for up to one year and the CGI brand for up to two years. The combined major medical block of business, totaling approximately 60,000 policy owners, will be supported by AmericanEnterprise at its Omaha location. Notification to policy owners is scheduled for later this month.

“Acquiring Ceres Group, Inc.’s block of major medical business increases our market share significantly and positions AmericanEnterprise to be a stronger player in the major medical arena,” said Michael Abbott, chief executive officer and chairman for AmericanEnterprise.

Founded in 1903, the World Insurance Company is licensed to sell life and health products in 46 states and the District of Columbia.

Source: American Enterprise Mutual Holding Company