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Summit Life Acquires Block Of Business

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NU Online News Service, July 24, 10:55 a.m. – Summit Life Corp., Oklahoma City, says a subsidiary, Great Midwest Life Insurance Company, has agreed to acquire the life insurance business of Presidential Life Insurance Company, Dallas.

The block of business consists of individual life policies with $780,000 in policy reserves and $120,000 in annual premium revenue.

The value of the deal was not disclosed.

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Summit Life hopes to get permission from the Texas Department of Insurance to complete the deal by Aug. 1.

Completing the deal would increase the total assets of Summit Life by about 9% and triple the number of life policies it has in force, the company says.