A joint venture formed by Global Secured Capital L.L.C. and DLB Capital L.L.C. has acquired Western United Life Assurance Company for about $52 million.
Global, Armonk, N.Y., and DLB, Wilton, Conn., used 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.
Metropolitan Mortgage has no connection with MetLife Inc., New York.