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.

All Western United common and preferred stock will be redeemed and new shares will be issued to Global Life, officials say.

Cash and assets will go directly to Metropolitan and to Western United’s holding company.

The creditors will get the company’s $52.5 million in capital surplus, and they may get $2 million more if a real estate parcel is sold in the future, officials say.