Kentucky National Insurance Group has reached an agreement to acquire 100% of the common stock of Mountain Life Insurance Company of Alcoa in Tennessee.
Mountain Life Insurance will continue to provide credit life and credit disability insurance in six states across the Midwest and South even after completion of the deal.
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Kentucky Home Life Insurance will continue to deliver its credit life insurance plans in Kentucky. Additionally, Kentucky Home Life plans to provide its ordinary life products in the newly acquired states under the Mountain Life name.
Kentucky Home Life vice-president of operations Jeff Breeze said: “We are excited to enter into a relationship that affords us the opportunity to grow our credit life business. Furthermore, we are equally delighted to introduce our ordinary life portfolio to the middle-income market residents in Tennessee, Arkansas, Missouri, Mississippi, Alabama and Georgia.”
The transaction is expected to complete by 1 January 2018, subject to state regulatory approval,
Mountain Life Insurance was formed in 1972. The company serves over 325 financial institutions and automobile dealerships throughout Tennessee, Missouri, Arkansas, Georgia, Mississippi and Alabama.
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