BANKING & FINANCE - Aug. 14, 1991
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Mutual Benefit Sale of Division OKd: A plan to sell a profitable division of the financially troubled Mutual Benefit Life Insurance Co. for $500 million was approved by the potential buyer’s European parent companies, N.V. AMEV in the Netherlands and Groupe AG in Belgium. The agreement to sell Mutual Benefit’s group life, accident and health division to the New York-based AMEV Holdings Inc. is part of a state plan to rehabilitate the insurer. State regulators seized Newark, N.J.-based Mutual, the nation’s 18th-largest life insurer, last month to avert a run on its cash after worries concerning its real estate portfolio.
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