RBC Insurance announced Thursday that it has completed the acquisition of certain assets of Business Men’s Assurance Co. of America from Italy-based Generali Group. The deal is worth approximately US$210 million.

BMA was founded in 1909 and will become a subsidiary of Liberty Life Insurance Co., BMA will operate under the RBC Insurance brand name and offer a diversified range of life protection and wealth accumulation products, including traditional life insurance, variable life insurance, fixed annuities and GICs.

Assets acquired by RBC Insurance include an in-force block of approximately 135,000 traditional life insurance policies and annuities as well as the infrastructure for manufacturing variable insurance products. Generali will retain its existing reinsurance business and related infrastructure.

The existing in-force life insurance and annuity business will move to RBC Liberty Insurance headquarters in Greenville, South Carolina where a well-developed and mature infrastructure is in place for the administration of the business. The marketing operation will remain in Kansas City, Missouri.