Investment Life and Trust, a South Carolina insurance company that acquired Triad Life of Winston-Salem last month, is moving its headquarters to Forsyth County by April 1.
The new company will be called Investment Life Insurance Company of America.The move is subject to approval of regulators in North and South Carolina. James Peterson, chairman and chief executive officer of Investment Life, said approval is expected within 60 days.
Liberty Life Insurance Co. of Greenville, S.C., bought Triad Life's mortgage insurance business last year. Investment Life then paid $8 million for Triad Life's name and licenses to sell life insurance policies in 35 states.
Investment Life had $15 million in life insurance sales last year. The company has assets of $75 million and 25 employees. Triad had sales of $14.6 million in 1988, its last year as an independent company.
Peterson, a Winston-Salem native and resident, said Investment Life will close its Columbia, S.C., office and move about 15 people to Winston-Salem. A location has not been selected.
``There are a lot of insurance people in the Triad,' he said. ``With companies like Jefferson-Pilot and Integon there, it seems to be a good pool of people who know the business. Plus the area has a nice quality of life.'
Edward Shugart III, a consulting actuary with W.H. Odell & Associates in Winston-Salem, will be president and chief executive officer of Investment Life.
Investment Life is owned by First Republic Financial Corp., a private group that includes Peterson, a former Wachovia Bank and Trust Co. executive.