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.
