INSURANCE

Two Canadian Life Insurers to Merge: Manufacturers Life Insurance Co. and North American Life Assurance Co. agreed to the merger that will create Canada’s largest life insurer. The combined operation will be called Manulife Financial, the name Manufacturers goes by in Canada. It will have assets of $35.15 billion in U.S. dollars, and revenue of $7.48 billion. The merger, subject to policyholder and regulatory approvals, will close by Jan. 1, 1996. The new company will be the largest group life and health carrier in Canada, with 13% of the market.