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June 18, 2004 at 08:00 PM
NU Online News Service, June 18, 2004, 5:28 p.m. EDT
Citizens Inc., Austin, Texas, has agreed to pay $85 million in cash for a small life insurance company.[@@]
Citizens is a publicly traded holding company that is trying to build a life insurance operation with more than $1 billion in assets by 2010.
The target of the deal, Security Plan Life Insurance Company, Donaldsonville, La., is a subsidiary of Mayflower National Life Insurance Company, New Orleans. Mayflower, in turn, is a subsidiary of Alderwoods Group Inc., Cincinnati, an operator of cemeteries and funeral homes that was launched in January 2002.
