Hearing for WULA Sale Set for May 2

A hearing on the sale of Western United Life Assurance Company (WULA) to a newly formed limited liability company, Global Life Holdings LLC (Global Life) has been set for May 2 at 1:30 p.m. in Thurston County Superior Court in Washington State. The Insurance Commissioner was granted receivership of WULA on March 2, 2004 in order to protect the company and its policyholders from the bankruptcy of its parent company, Metropolitan Mortgage & Securities, Inc. (Met). Global Life is proposing to purchase WULA for a projected amount of $52 million. The amount is based on an adjusted capital and surplus at the time of the closing. According to the petition, this sale would achieve a rehabilitation of the company that would protect policyholders, permit the company to continue in business to support the annuities of the policyholders, and provide substantial value to Met and Western United Holding Company (WUHC). WULA currently holds $45 million in capital and surplus.