Two minority-owned insurance firms will each assume responsibility for five percent of the Massachusetts Institute of Technology's group life insurance, which is now handled entirely by the John Hancock Co., an MIT official said yesterday.
Kimball Valentine, MIT's insurance officer, said the minority companies requested the change and the MIT administration feels it will promote the minority business community.
The two firms--Supreme Life of America and North Carolina Mutual--will each receive $13 million in insurance contracts, and Valentine said the firms will benefit substantially from having a prestigious client like MIT.
Harvard transferred some of its insurance contracts to two minority-owned firms last year, including North Carolina Mutual.
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