Security National Financial Corporation (SNFCA), through its wholly owned subsidiary Security National Life Insurance Company, has completed a coinsurance transaction with Mothe Life Insurance, and DLE Life Insurance Company.
Further transaction details have not been disclosed by the companies.
Commenting on the deal, Security National vice president and associate general counsel Andrew Quist said, "This transaction allows Security National to deepen our presence in Louisiana and the Southeast, a region that is very important to Security National.
It will also enable the company to provide better customer service experience to its policyholders, while boosting its operational efficiency.
Security National Life has coinsured nearly 103,000 policies through this co-insurance agreement, with an about $40,000,000 of reinsured reserves.
Under the terms of the agreement, Security National Life will administer the reinsured policies.
Security National Financial provides services in three business segments including life insurance, mortgage banking and cemetery mortuary operations.
As of 30 September 2012, Security National Financial Corporation had revenues of $167,599,000 and total assets of $560,760,000.