Security Plan Life, a subsidiary of Citizens Insurance Company, has announced the completion of the acquisition of Mississippi-based Magnolia Guaranty Life Insurance Company.
For the $5.23m acquisition deal, Security Plan has paid cash in exchange for 409,553 shares of Magnolia capital stock outstanding.
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In response to the receipt the Mississippi Department of Insurance’s approval for the transaction, Security Plan CEO Rick Riley said this acquisition complements the company’s home service segment.
"Magnolia customarily sells policies through independent funeral homes while Security Plan customarily sells through a debit route-based system. Together, we anticipate Mississippi clients will experience enhanced support from the affiliated companies," Riley added.
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