American General Life of Bermuda Ltd., a subsidiary of American General Corporation (AGC), has taken control of Templeton American General Life of Bermuda Ltd. after buying out Templeton International Inc.'s share of the joint venture.

And a Bill has been presented to the legislature to change the name of the company from Templeton American General Life of Bermuda Ltd. to American General Life of Bermuda Ltd.

Templeton American General Life of Bermuda Ltd., was formed in a joint venture between the two companies in January 1998, and the purpose of the company was to develop, sell and administer private placement variable life insurance products especially tailored for high net worth individuals worldwide.

The new company will continue to operate the same business.

Templeton International is a wholly-owned subsidiary of Franklin Resources (NYSE: BEN) which provides through its subsidiaries, global and US investment management, shareholder and distribution services to the Franklin Templeton mutual funds and institutional accounts which totalled $243 billion in 1998.