US insurance holding company Torchmark has purchased a privately owned supplemental health insurance provider Family Heritage Life Insurance Company of America, for nearly $232m.

The transaction is expected to be immediately accretive to net operating earnings per share with minimal impact, if any, on Torchmark’s free cash flow available for stock repurchases or the RBC ratios of the insurance subsidiaries.

Wells Fargo served as financial advisor to Torchmark, while Locke Lord acted as legal advisor, the company said.

Specializing in life and supplemental health insurance for "middle income" Americans, Torchmark is a holding company and trades through multiple distribution channels including direct response, and exclusive and independent agencies.

Torchmark manages a number of insurance subsidiaries, including Globe Life And Accident, American Income Life, Liberty National Life and United American.

Established in 1989, Family Heritage specializes in life insurance, cancer, heart disease and stroke, accident insurance products, and serves more than 200,000 American families.