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April 01, 2003 at 07:00 PM
NU Online News Service, April 1, 2003, 5:03 p.m. EST – Kansas City Life Insurance Company, Kansas City, Mo., has agreed to acquire GuideOne Life Insurance Company from The GuideOne Group of Companies, West Des Moines, Iowa, for $78 million in cash.
Kansas City Life and GuideOne hope to complete the deal by June 30.
GuideOne Life is reporting $7.5 million in statutory net income for 2002 on $58 million in revenue and $348 million in total net admitted assets.
Completing the GuideOne Life acquisition would increase the size of Kansas City Life by about 10%, according to Kansas City Life executives.
Kansas City Life would also get the right to sell its products through GuideOne’s property-casualty agents.
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