Eli Global life insurance affiliate Southland National Insurance (SNIC) has signed an agreement with Dearborn National Life Insurance (DNL) to acquire its wholly-owned subsidiary Colorado Bankers Life Insurance (CBL).
Terms of the deal have not been disclosed.
The deal allows to aggregate SNIC’s in-force life insurance portfolio with CBL’s operations, expanding the portfolio of individual life, accident and critical illness products.
CBL president and CEO Joe Wieser said: "In SNIC and Eli Global, we have found a great organization committed to investing in CBL and focused on meeting the needs of our individual policyholders."
CBL provides individual insurance plans, as well as voluntary and supplemental benefit products through payroll deduction programs to the US business owners.
It carries out operations in 49 states of the US, excluding New York, as well as in the District of Columbia, Puerto Rico and Guam.
DNL CEO Gregory Benesh said: "CBL will continue to leverage its unique business model to deliver individual products. For DNL, this transaction will enable us to maintain a sharper focus on our core group life, disability and dental business."
Subject to customary regulatory approvals, the deal is expected to complete in the fourth quarter of this year.
Based in North Carolina, SNIC provides life insurance, annuities and group dental insurance products in 18 states of the US.
Image: SNIC to purchase DNL’s wholly-owned subsidiary Colorado Bankers Life Insurance (CBL). Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.