Capital Assurance Completes Indiana Standard Deal

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.