National Western Life Group has announced that its wholly owned subsidiary, National Western Life Insurance Company (NWLIC), has entered an agreement to acquire Ozark National Life Insurance and N.I.S. Financial Services.
The transaction is expected to close during the first quarter of 2019, subject to regulatory approval and customary closing conditions, a release said.
â€śThe acquisition of Ozark National represents another positive step towards achieving National Westernâ€™s strategic growth plans to expand its life insurance sales,â€ť said National Western Life Group chairman, president and CEO Ross R. Moody.
â€śWe are excited to welcome Ozark National into the National Western family,â€ť NWLIC president and chief operating officer Kitty Kennedy Nelson said. â€śWe believe this acquisition will complement and strengthen National Western by enhancing life premium through Ozark Nationalâ€™s innovative life products and dedicated agent force.â€ť
Both Ozark National and N.I.S. are based in Kansas City, MO. The companies are wholly owned subsidiaries of CNS Corporation. Ozark National, founded in 1964, does business in 30 states and has life insurance in-force of over $6 billion. N.I.S. is an affiliated broker-dealer of Ozark National.
Under the terms of the Stock Purchase Agreement, NWLIC will pay CNS Corporation cash in an aggregate amount of approximately $203 million, subject to certain adjustments. The payment will be made in exchange for all of the outstanding stock of Ozark National and N.I.S. Financial Services.