Indiana OKd Metropolitan Life’s Baldwin plan.
Rehabilitation Court Judge John M. Ryan picked the enhancement plan offered by Metropolitan Life Insurance over a competing bid submitted by Los Angeles-based Kaufman & Broad. Ryan cited a “lack of substance” in the latter’s plan in terms of guaranteeing an improved return to shareholders of $1.3 billion of annuities issued by three Baldwin-United subsidiaries in Indiana. Metropolitan will now assume the assets of the failed Indiana subsidiaries and administer the annuities of about 65,000 policyholders.
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