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Southland National Insurance Corporation to Acquire Colorado Bankers Life Insurance Company
Colorado Bankers Life Insurance Company to be the Cornerstone of a Growing Insurance Platform
Southland National Insurance Corporation ("SNIC") and Dearborn National Life Insurance Company ("DNL") announced today that they have entered into a definitive agreement under which SNIC will acquire DNL's wholly-owned Colorado Bankers Life Insurance Company ("CBL") subsidiary. Terms of the transaction were not disclosed.
The transaction will combine SNIC's in-force life insurance portfolio with CBL's operations and leading presence in individual life, accident and critical illness products to create a platform with an enhanced ability to deliver insurance protection to policyholders and drive growth. SNIC is the life insurance affiliate of Eli Global, a private firm founded in 1991.
"CBL's talented employees, high-quality products and distribution capabilities will become the cornerstone of our insurance operations," said Jeremy Ragsdale, Chief Executive Officer of Eli Global's Insurance Group. "Our team looks forward to working closely with CBL's employees to meet the needs of policyholders and expand CBL's reach through existing channels as we grow our insurance operations."
"In SNIC and Eli Global, we have found a great organization committed to investing in CBL and focused on meeting the needs of our individual policyholders," said Joe Wieser, President and Chief Executive Officer of CBL. "Following the transaction, CBL will have an enhanced ability to grow and support our longstanding distribution partners by delivering convenient and affordable individual life, annuity, accident and critical illness products."
Gregory Benesh, Chief Executive Officer of DNL said, "This transaction will enable DNL and CBL to focus on the needs of their separate sets of policyholders. CBL will continue to leverage its unique business model to deliver individual products. For DNL, this transaction will enable us to maintain a sharper focus on our core group life, disability and dental business."
The transaction is expected to close in the fourth quarter of 2015, subject to customary regulatory approvals. Following the close of the transaction, CBL's operations will maintain the CBL name and continue to be located in Greenwood Village, Colorado.