Fort Dearborn Life Insurance Company of New York, a wholly owned subsidiary of Fort Dearborn Life Insurance, has announced that it will commence business in the state of New York.
Fort Dearborn Life Insurance Company of New York (FDLNY) will roll out group life and AD&D, group short-term disability, and New York Disability Benefits Law. Additional products being developed include group long-term disability, group dental and individual annuities.
To support distribution efforts in New York, FDLNY is acquiring the group life and disability business of HM Life Insurance Company of New York. The sale was recently approved by the New York Department of Insurance. The company expects to acquire and transition the business in upcoming months.
Larry Newsom, president and CEO of FDLNY, said: This is an important step in our distribution growth strategy for the group life and disability business, as well as the annuity business. We look forward to the new opportunities this market will provide.