February 25, 2003 at 07:00 PM
NU Online News Service, Feb. 25, 11:03 a.m. – Summit Life Corp., Del City, Okla., says it could buy as many as three more small life insurers now that it has completed a previously announced acquisition of Security General Life Insurance Company, Oklahoma City.
Summit Life paid about $2 million for Security General, a life insurer that has authority to operate in 27 states.
Summit Life and its insurance company subsidiaries have regulatory approval to sell insurance in Oklahoma and Texas.
Summit Life wants to combine Security General with a life insurance company it already owns, Great Midwest Life Insurance, so that the combined company will be able to do business in at least 20 more states.
Summit Life is still deciding whether it wants to do business in the other seven states where Security General has operating authority, Summit Life says.
The three life insurers that Summit Life is evaluating are all within the company’s new, expanded service area, the company says.
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