National Western Life Group’s subsidiary National Western Life Insurance (NWLIC) has agreed to acquire Ozark National Life Insurance and N.I.S. Financial Services from CNS for around $203m.
US life insurer Ozark National to be acquired by National Western Life Group. Photo: courtesy of Phillippe Ramakers/Freeimages.com.
Both Ozark National Life Insurance and N.I.S. are headquartered in Kansas City, Missouri.
Founded in 1964, Ozark National Life Insurance operates across 30 states in the US and has life insurance inforce of more than $6bn. N.I.S. is its affiliated broker-dealer.
Ozark National and N.I.S., put together have nearly 80 employees, who will be retained with the respective firms, which will continue to operate from the current headquarters at Kansas City.
National Western Life Insurance president and COO Kitty Kennedy Nelson said: “We are excited to welcome Ozark National into the National Western family. We believe this acquisition will complement and strengthen National Western by enhancing life premium through Ozark National’s innovative life products and dedicated agent force.”
National Western Life Insurance, which was established in 1956 and based in Texas, is a stock life insurance firm that provides individual universal life, whole life and term insurance plans, and also annuity products.
The company has a workforce of 286 employees and around 31,300 contracted independent agents, brokers, and consultants.
The life insurance company’s consolidated total assets as on 30 June, 2018 stand at $12.1bn. Its stockholders’ equity is $1.8bn while life insurance inforce is $19.4bn as on 30 June, 2018.
National Western Life Insurance’s acquisition of Ozark National and N.I.S. is anticipated to be completed during the first quarter of next year, depending on regulatory approval and other customary closing conditions.
Merger & Acquisition Services played the role of financial advisor to National Western Life Insurance during the agreement.
National Western Life Group chairman, president, and CEO Ross Moody said: “The acquisition of Ozark National represents another positive step towards achieving National Western’s strategic growth plans to expand its life insurance sales.”
In August this year, National Western Life Group reported consolidated net earnings of $32.5m, compared to $25.5m in the same period last year.