Two big insurers joined to offer a new life policy.

Transamerica Occidental Life Insurance and Equitable Life Assurance Society reported that they will jointly develop a new type of life insurance called variable universal life. The companies said the agreement, which requires regulatory approvals, is one of the first of its kind between major insurance companies. Transamerica Occidental will design, market and underwrite the policies, while the administration will be handled by an Equitable subsidiary, Integrity Life Insurance.