State OKs Heritage Life’s Acquisition of Sturdivant
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The Agoura Hills-based Heritage Life Insurance Co. is cleared to acquire North Carolina-based Sturdivant Life Insurance Co., the North Carolina Department of Insurance has ruled. Terms of the acquisition were not disclosed.
Heritage is a subsidiary of the Quaker State Corp., and chiefly underwrites credit life insurance policies which it sells through automobile dealerships. The company is part of the Heritage Insurance Group, which collected $76.4 million in premiums last year. Sturdivant markets similar policies in North Carolina, Virginia and South Carolina and had a volume in premiums of $24 million in 1988.
Quaker State announced that Sturdivant would maintain its existing staff.
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