Bank One Corp., Chicago, will acquire Zurich Life, the life and annuity operation of Zurich Financial Services Group. The deal, which is a straight cash transaction valued at $500 million, should close in the third quarter.
Zurich Life, which is based in Schaumburg, IL, sells term life insurance through a network of 40,000 brokers and agents, as well as through the direct marketing activities of Zurich Direct, its agency. Zurich Life is expected to generate $630 million in 2004.
Zurich Direct uses mail, the Internet and telemarketing to sell its products. It currently has 275,000 term life policies in-force, and is forecast as generating $150 million in 2004.
Zurich Life will be renamed to reflect the Bank One brand.
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