A state court in Thurston County, Wash., has given a joint venture formed by Global Secured Capital L.L.C. and DLB Capital L.L.C. permission to buy Western United Life Assurance Company for about $55 million.
The price is about $4 million higher than the price announced in April, officials say.
Global, Armonk, N.Y., and DLB, Wilton, Conn., are using Global Life Holdings L.L.C. to buy Western United, Spokane, Wash., from the Washington state insurance commissioner’s office.
A court put Western United in receivership under the control of the office in 2004, after the company’s parent, Metropolitan Mortgage & Securities Inc., Spokane, Wash., sought bankruptcy court protection.
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Metropolitan Mortgage has no connection with MetLife Inc., New York.
Global Life originally proposed buying Western United for capital and surplus, or has agreed to add $2 million in cash and another $2 million from the future sale of real estate, according to Washington State Insurance Commissioner Myron Kreidler.
“The willingness of Global Life to amend its purchase price demonstrates its goodwill toward the parent companies and the Spokane community,” Kreidler says.