An Ohio mutual insurer has completed a previously announced acquisition of a competitor in Indiana through a merger.[@@]
The Lafayette Life Insurance Company, Lafayette, Ind., a mutual founded in 1905, now is part of Western & Southern Financial Group, Cincinnati.
Western & Southern now has $35 billion in assets, and Lafayette Life has $2 billion in assets.
Western & Southern says it plans to pay Lafayette Life policy dividends on schedule and keep Lafayette Life’s headquarters in Lafayette, Ind. Western & Southern also is funding a charitable foundation to benefit Lafayette and nearby communities.
Lafayette Life has 200 employees and a network of 4,000 independent agents. Western & Southern carried out the Lafayette Life acquisition by merging the companies’ policyholder-owned mutual holding companies, Western & Southern Mutual Holding Company and Lafayette Life MIHC Inc.
When Western & Southern announced the Lafayette Life deal, it said it would be keeping Lafayette Life’s employees in Lafayette, Ind., and that Lafayette Life’s operations would continue as usual for at least 3 years to 5 years following the completion of the merger.
Western & Southern notes that Standard & Poor’s Ratings Services, New York, has reaffirmed S&P’s “AAA” ratings on Western & Southern’s insurance subsidiaries and increased the financial strength rating for Lafayette Life to “AAA,” from “A.”