Maryland’s acting insurance commissioner, Beth Sammis, approved the sale of Baltimore, Md.-based life insurance company to Harbinger Group.

Old Mutual plc, a London-based financial services firm, is selling Baltimore-based U.S. life insurance unit to a New York private investment fund for $350 million.

Several key ratings for Baltimore, Md.-based OM Financial Life Insurance Co. were lowered as Standard & Poor’s Ratings Services raised concerns about the company’s possible sale.

The parent company of Old Mutual Life Insurance Co. and its subsidiary, OM Financial Life Insurance Co. of New York, said today (March 11) it is considering selling off both companies.

New York Life Insurance Co. announced the hiring of John Grady as a senior vice president responsible for mergers and acquisition and the U.S. Treasury Department.

John Grady

Grady, who joins …  Read →