Capital Assurance Corp. has consummated previously announced plans to acquire Standard Life Insurance Company of Indiana for $82 million.[@@]

Indiana insurance regulators approved the deal May 27, and the shareholders of Standard Management Corp., Indianapolis, the publicly traded company that has owned Standard Life of Indiana, voted to approve the deal May 18.

Capital Assurance, Louisville, Ky., paid $53 million in cash and $5 million in preferred stock, and it assumed responsibility for $22 million in debt, according to Standard Management.

Executives at Standard Management say they hope to use the cash from the Standard Life deal to move the company into the pharmaceutical industry.

Capital Assurance says it intends to keep the Standard Life brand, Standard Life’s Indiana offices and all of Standard Life’s employees.

Standard Life has about $1.7 billion in assets and licenses to operate in 48 states and the District of Columbia.