Federal Life Insurance Company has officially acquired Texas Service Life Insurance Company. The deal, backed by Bain Capital, was completed recently, although the financial details of the acquisition have not been disclosed.
Knut Olson, the CEO of Federal Life, shared his thoughts on the acquisition, emphasizing that it highlights the importance of pre-need insurance products for families. He believes there is a significant demand in the market that remains unfulfilled.
As part of this transition, George Wise will take on the role of president at Texas Service Life. The company plans to implement a national growth strategy focusing on their pre-need insurance offerings. They aim to enhance accessibility, build trust, and provide advanced financial security solutions to families across the country.
Wise expressed confidence in their new direction, stating that the company is evolving with purpose to better meet the changing needs of families.
Federal Life Insurance Company offers a variety of life and health insurance products, as well as annuities. It currently holds an A- (Excellent) rating from Best’s, which reflects its strong financial standing. Earlier this year, Federal Life Group Inc., the parent company, announced it would stop reporting current information to the OTC Market, citing potential cost savings.
Texas Service Life, founded in 1985, has a solid reputation for providing reliable pre-need insurance options, including its well-known Family1 plan.
This acquisition marks a significant step for both companies as they aim to expand their services and better serve their clients.