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Americo Closes On Financial Industries

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Americo Life Inc. has completed a previously announced deal to acquire Financial Industries Corp. for about $75 million in cash.

Americo, Kansas City, Mo., paid $7.25 per share for Financial Industries, Austin, Texas.

The companies originally said they hoped to complete the deal by June 30.

Americo sells life insurance, mortgage life insurance, annuities, and related products and services.

Financial Industries has been administering a closed block of individual life and annuity products through its Investors Life Insurance Company of North America subsidiary.

The board of Financial Industries announced in June 2006 that it was looking into the possibility of selling part or all of the company.

Financial Industries sold its Family Life Insurance Company unit to Manhattan Insurance Group Inc., Houston, for $28 million in December 2006.