Kansas City Life Insurance Company is to acquire all of the issued and outstanding stock of Grange Life Insurance Company, the life division of Grange Mutual Casualty Company, subject to review by the Ohio Department of Insurance.
The transaction is expected to close in the third-quarter of 2018, and once completed, the integration efforts will be led by Walter E. Bixby, Executive Vice President and Vice Chairman of the Board of Kansas City Life.
Furthermore, the company has revealed that Theresa Mason will remain President of Grange Life once the deal is finalised.
Following the acquisition, Grange Life personnel will continue to service existing policyholders and will assist in distributing Grange Life and Kansas City Life products. At the same time, Grange Life will continue to operate in Columbus, Ohio, after closing.
According to an announcement on the transaction, the base purchase price is expected to be around $77.2 million.
R. Philip Bixby, President, Chief Executive Officer (CEO) and Chairman of the Board of Kansas City Life, commented: “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.”
John Ammendola, President and CEO of Grange Mutual, added: “We are very pleased to announce the sale of Grange Life Insurance Company to Kansas City Life. We are excited about the opportunities this decision creates for our customers and our agents.”
