Missouri-based Kansas City Life Insurance Company has agreed to acquire Ohio-based peer Grange Life Insurance Company from Grange Mutual Casualty Company, in a transaction valued at around $77.2m.

Upon completion of the deal, Grange Life will continue to service existing policyholders and will assist in distributing Grange Life and Kansas City Life products.

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Kansas City Life president, CEO and chairman of the board R Philip Bixby said: “Life insurance is our lifeblood and we have a strategic vision in place. This acquisition allows us to continue to grow to scale and to do what we do best – provide Security Assured to our policyholders.”

Kansas City Life executive vice president and vice chairman Walter Bixby will manage the integration process, overseeing a team comprising leaders from the two companies.

Theresa Mason will retain her existing role of the president of Grange Life following completion of the deal.

The transaction, which is pending review by the Ohio Department of Insurance, is slated to close in the end of the third quarter of this year.

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Grange Mutual president and CEO John Ammendola said: “We are excited about the opportunities this decision creates for our customers and our agents.”

Grange Insurance, established in 1935, provides auto, home, life and business insurance protection via its network of independent agents. The company and its affiliates cater to clients in Georgia, Illinois, Minnesota, Ohio, Pennsylvania, Indiana, Iowa, Kentucky, Michigan, Tennessee, South Carolina, Virginia and Wisconsin.