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Lone Star State Regulators OK Transaction

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The Texas Department of Insurance has approved a proposal by Ameritas Life Insurance Corp. to acquire LifeRe Insurance Company.

Ameritas is a unit of UNIFI Mutual Holding Company, Lincoln, Neb.

LifeRe, San Antonio, formerly known as Texas Legal Reserve Life Insurance Company, was founded in 1984 and has been active in the dental, eye care, group term life, group disability, and Section 125 administration markets.

LifeRe is selling in part because Richard Galland, the chairman, is retiring, LifeRe says.

Ameritas will convert systems, train LifeRe employees and build relationships in 2007, and it will convert in-force LifeRe business to Ameritas paper in 2008, Ameritas says.