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R.D. Tips acquires International American Life Insurance

Southwest Service Life Insurance Co. sold the entire common stock of its unit, International American Life Insurance Co., to R.D. Tips Inc., effective July 31, International American said in a quarterly statement as of Sept. 30.

Prior to the sale, a block of policies was assumed by Southwest Service. A payment of $963,163, equal to the net liabilities ceded by International American and assumed by its parent, was recorded as ceded premium by the unit.