Life & Health Insurance M&A » By The Online Investor Staff, updated Tue., Aug. 9, 3:11 AM
Recent mergers and acquisitions in the Life & Health Insurance M&A category.
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Slide #12. Citizens, Inc. — Magnolia Guaranty Life
Acquirer:
Citizens, Inc. (NYSE:CIA)
Acquiree:
Magnolia Guaranty Life
Details:
Citizens, Inc. (NYSE: CIA) announced today its wholly owned subsidiary, Security Plan Life Insurance Company has reached a definitive agreement to acquire Magnolia Guaranty Life Insurance Company ("Magnolia Guaranty") of Ridgeland, Mississippi, for $5.23 million. Magnolia Guaranty has 409,553 shares of capital stock outstanding. Since 1992, it has specialized in the sale of final expense and pre-need life insurance policies in Mississippi through its funeral home distribution channels. For the year ended December 31, 2012 Magnolia Guaranty had assets of $8 million and annual premiums of $2.14 million. The transaction is subject to approval by Magnolia Guaranty's shareholders, approvals by insurance regulators and other customary closing conditions. Closing is expected during the fourth quarter of 2013, following completion of requisite due diligence and regulatory approvals.
Citizens is an insurance holding company. Through its insurance subsidiaries, Co. provides insurance products. Co. operates in two business segments: Life Insurance and Home Service Insurance. Co.'s Life Insurance segment primarily operates through its subsidiary, CICA Life Ltd., which issues ordinary whole life insurance in U.S. dollar-denominated amounts to non-U.S. residents. Co. operates its domestic Home Service Insurance segment only in the U.S. through its subsidiaries, Security Plan Life Insurance Company, Magnolia Guaranty Life Insurance Company and Security Plan Fire Insurance Company. These companies focus on final expense life insurance needs of middle- and lower-income markets.
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