Brokerage Firm to Sell Insurance Unit: Merrill...

Brokerage Firm to Sell Insurance Unit: Merrill Lynch & Co. said it is selling its Seattle-based life insurance subsidiary to Financial Industries Corp. for $114 million. The sale of the unit, Family Life Insurance Co., was announced last month but terms of the deal were not disclosed. The deal includes Family Life’s mortgage protection life insurance business, which is conducted through institutions and agents independent of Merrill’s own network of financial consultants. Under the agreement, Merrill will retain its annuity and single premium life insurance business through arrangements with its other insurance subsidiaries. Financial Industries, based in Austin, Texas.