Jefferson-Pilot buys Canada Life's U.S. group business

GREENSBORO, N.C.--Jefferson-Pilot Corp. has agreed to buy the U.S. group life, disability and dental business of Canada Life Assurance Co.

Terms of the deal were not disclosed, but Greensboro, N.C.-based Jefferson-Pilot said the purchase price and the additional capital it planned to commit to the acquired business would total about $200 million.

Jefferson-Pilot has about $625 million of premiums in force related to group life, disability and dental business, and the Canada Life business will add about $350 million in premiums, a Jefferson-Pilot spokesman said.