National Western Life Insurance Company (NWLIC) has concluded the acquisition of Ozark National Life Insurance Company and N.I.S. Financial Services after the receipt of regulatory approvals.
As per the terms agreement signed in October 2018, CNS Corporation received an aggregate amount of approximately $205.5m in cash in exchange for all of the outstanding stock of Ozark National and N.I.S.
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Ozark National, founded in 1964, has operations in 30 US states and has life insurance inforce of over $6bn. N.I.S. is an affiliated broker-dealer of Ozark National.
Both the acquired entities will continue to be based in Kansas City, Missouri even after the completion of the deal.
NWLIC is a wholly owned subsidiary of National Western Life Group.
National Western Life Group chairman, president, and CEO Ross Moody said: “The completion of the acquisition of Ozark National represents an important milestone toward achieving National Western’s strategic growth plans and expanding its life insurance sales.”
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By GlobalDataNWLIC president and COO Kitty Kennedy Nelson stated: “We are delighted to add to our organisation a company possessing the track record of success and profitability such as Ozark National and look forward to leveraging our combined strengths for even greater success in the future.”
Tim Emerson, President of Ozark, said, “The culture and history of National Western Life is very similar to Ozark, and this acquisition provides Ozark with a great opportunity to expand and grow our product sales while keeping the operations at home in Kansas City.”
Created in 1956, NWLIC offers a broad range of individual universal life, whole life and term insurance plans, as well as annuity products. It employs 276 people and approximately 33,500 contracted independent agents, brokers, and consultants.
It had consolidated total assets of $12.1bn, stockholders’ equity of $1.9bn, and life insurance inforce of $19bn as of 30 September 2018.
