Plans for the merger of Citadel Life Insurance Company of New York, a firm founded partly with capital invested by three Israeli life insurance companies, and Trans World Life Insurance Company of New York, were canceled this weekend after the latter company withdrew from merger negotiations.
Three Israeli insurance companies — Hasneh, Migdal and Zion — originally provided 30 percent of the capital to organize Citadel Life in 1960. In recent months, the Israeli firms disposed of the greater part of their holdings in Citadel Life.
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