US insurer Standard Management has announced the closing of its transaction with Capital Assurance, to purchase its Indiana-based financial services subsidiary Standard Life Insurance.

Capital Assurance has finalized its acquisition of Standard Life for $80 million. The deal consisted of $53 million in cash, $5 million in preferred stock, and the assumption of Standard Life’s $22 million in debts.

Founded in 1934, Standard Life uses independent agents to sell a variety of annuity products to retail customers in 48 US states.

Capital Assurance, based in Kentucky and headed by CEO John Franco, was formed specifically to acquire Standard Life, according to reports by US newspaper the Indy Star. Capital Assurance will employ 85 and keep offices in both Indiana and Kentucky.

After 16 years of guiding Standard Life from approximately $60 million in assets to nearly $2 billion in assets, handing over the reigns to such great professionals as John Franco and his team is a compliment to our employees, Ronald Hunter, chairman, president and CEO of Standard Management said in a prepared statement.