Two Des Moines area insurance companies have called off plans for a merger.
American Enterprise Group Inc. of Des Moines and Homesteaders Life Co. of West Des Moines said in a joint statement that they’ve nixed the deal.
The companies had signed a letter of intent to merge in January.
Homesteaders spokesman Dean Lambert says the deal came apart because the two companies were unable to ensure that policy owner value before and after the transaction could be maintained.
American Enterprise owns Des Moines-based American Republic Insurance and Omaha-based World Insurance Co., which specialize in health insurance.
Homesteaders is the nation’s second largest provider of burial insurance.
Information from: The Des Moines Register,
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