|Kansas City, MO.
Kansas City Life Insurance Company and Grange Mutual Casualty Company are pleased to announce the signing of a definitive agreement today under which Kansas City Life will acquire all of the issued and outstanding stock of Grange Life Insurance Company from Grange Mutual. The transaction is subject to review by the Ohio Department of Insurance.
"Life insurance is our lifeblood and we have a strategic vision in place," said R. Philip Bixby, President, CEO and Chairman of the Board of Kansas City Life. "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 stated, "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."
Kansas City Life announced that Walter E. Bixby, Executive Vice President and Vice Chairman of the Board of Kansas City Life, will lead the integration efforts, overseeing an integration team consisting of leaders from both organizations. The Company also announced that Theresa Mason will continue to serve as President of Grange Life after the acquisition is completed.
The transaction is anticipated to close at the end of the third quarter. Following the acquisition, Grange Life personnel will continue to service existing policyholders and will assist in distributing Grange Life and Kansas City Life products. Grange Life will continue to operate in Columbus, Ohio, after closing with a goal of providing a near seamless transition for the customers and agents. The base purchase price for the transaction is anticipated to be approximately $77.2 million.
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Mo. The Company's primary business is providing financial protection through life insurance and annuity products. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com.
Grange Insurance is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life and business insurance protection. The company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin.