Security National Financial Corporation announced it has completed its acquisition of Capital Reserve Life Insurance Company, Jefferson City, Mo.
Security National, Salt Lake City, did not disclose terms of the deal, which was handled through its subsidiary, Security National Insurance Company.
As of the end of 2006, Capital Reserve had almost 11,000 policies in force and reported revenues of $5.7 million and a net loss of $244,000. Its statutory assets and capital, and surplus were roughly $24 million and $2 million, respectively.
Security National and Capital Reserve also entered into an agreement to reinsure the majority of the in-force business of Capital Reserve with Security National.