Global Secured Capital L.L.C. and DLB Capital L.L.C. are joining to make a $52 million offer for Western United Life Assurance Company.
Global, Armonk, N.Y., and DLB, Wilton, Conn., have formed a limited liability company, Global Life Holdings L.L.C., to try to acquire Western United, Spokane, Wash., from the Washington state insurance commissioner’s office.
A court put Western United in receivership under the control of Washington state regulators in 2004, after the company’s parent, Metropolitan Mortgage & Securities Inc., Spokane, Wash., sought bankruptcy court protection.
Metropolitan Mortgage has no connection with MetLife Inc., New York.
Western United, a fixed annuity issuer, now has about $45 million in capital and surplus, Washington officials say.
Washington Insurance Commissioner Myron Kreidler has scheduled a May 2 hearing on the proposed deal.