A specialty property-casualty insurer is scooping up a privately held life insurance company.

The Midland Company, Cincinnati, is using capital from a subsidiary’s life insurance investment portfolio to buy the outstanding stock of Southern Pioneer Life Insurance Company, Trumann, Ark.

Southern Pioneer has been writing credit life and disability insurance since 1980, and it generates about $15 million in annualized credit insurance premium revenue, Midland says.

Midland is making the acquisition through its American Modern Insurance Group unit.

State insurance regulators still must approve the deal.

The price of the deal was not immediately available.

American Modern serves a variety of niche markets, such as the manufactured housing market and the users of motorcycles, watercraft and snowmobiles, Midland says.