Elgin Company Sold

Crain's:

JPMorgan Chase & Co. has agreed to sell its life insurance business to an Alabama company, raising questions about the fate of some of the 812 employees at the Elgin-based unit.

Birmingham, Ala.-based Protective Life Corp. is paying $1.2 billion in cash for the Chase Insurance Group, which includes the life insurance business Bank One Corp. bought from Zurich Insurance in 2003 and then moved from Schaumburg to the Elgin building that also houses a credit-card call center for JPMorgan. JPMorgan acquired Bank One in 2004.