Mar. 5--Columbia Universal Life Insurance Co., based in Austin, has been sold for $44 million to a Jacksonville, Fla., insurance company more than three times its size.
Columbia, with $1.6 billion of life insurance in force, will continue to do business in Austin as a subsidiary of American Heritage Life Investment Corp., which has $20.5 billion worth of insurance in force.
The 13-year-old Austin firm lists its assets at $360 million, compared with American Heritage's $1.4 billion, which before the acquisition ranked 120th in the country.
Columbia's 70 employees will keep their jobs, said American Heritage general counsel W. Michael …