Puritan Financial Companies Inc. has acquired 100% of the common stock of Independent State Life Insurance Company.
Puritan, Dallas, the parent of Puritan Financial Group Inc., an insurance agency, says it paid about $2 million for the company to Columbia Insurance Group, Columbia, Mo.
Independent State was organized in 1984 to write credit life insurance business in Texas.
Puritan says it will be changing the name of Independent State to Puritan Life Insurance Company and start out using Puritan Life to reinsurer life insurance policies and annuity contracts produced by and through Puritan Financial.
Puritan Financial is producing more than $100 million in annual premiums, Puritan says.
Puritan has focused on selling senior markets products through branch offices in Kentucky, Louisiana, Oklahoma, and Tennessee as well as in Texas.
Puritan borrowed $2 million for the deal and working capital from a bank and raised $1.1 million in additional capital by selling stock and warrants to a private investor group.
D. M. Rusty Moore, Jr., chairman of Puritan, will be chairman, president and chief executive of Puritan Life.