Does OM Financial Life Still Sell Insurance?
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Asked January 7, 2013
OM Financial began as a Maryland-based life insurance and annuity company. They sold life insurance products and annuities, primarily marketing to seniors with limited resources and incomes. OM Financial is no longer in the life insurance business today, and existing policies have been taken over by other subsidiaries of the Old Mutual insurance group.
The company which would later become OM Financial began as a Maryland life insurance company in 1959, selling term and whole life insurance products. From 1960 to 1995 the company was a wholly owned subsidiary of the United State Fidelity and Guaranty Corporation. After the parent company merged with St. Paul Inc., ownership was transferred to St. Paul. In 2001, the company was purchased by Old Mutual Plc, a London-based insurance company. At the end of 2002, another company reorganization prompted the creation of a Texas based company, Omnia Life Insurance, and OM Financial was subsequently absorbed into that company.
Products the Company Sold
OM Financial was focused on life insurance products. It sold all types of life insurance policies throughout the later part of the 20th century, and then shifted focus towards final expense insurance and life insurance annuities. For more than 50 years, they sold only life insurance products, and policies written under the original corporation were transferred to other companies owned by Old Mutual when the company was dissolved at the end of 2007.
What Happened to the Company?
The Fate of OM Financial is similar to many small insurance companies during the economic meltdown of 2008. In order to strengthen their position in other areas, the parent company sold and traded off smaller divisions, including OM Financial. And while Old Mutual is still selling insurance today, products sold under the OM Financial brand are no longer available.
Answered January 7, 2013 by Anonymous