OneAmerica Financial Partners, Inc., Indianapolis, and Shenandoah Life Insurance Company have announced the signing of a letter of intent that describes a proposal to merge the two organizations. Under the proposal, Shenandoah would become a subsidiary of OneAmerica, joining American United Life Insurance Company, The State Life Insurance Company, Pioneer Mutual Life, and R.E. Moulton, Inc. Completion of the merger is expected in mid-2009 after approval of the transaction by eligible policyholders of both companies, and federal and state regulatory authorities.
The agreement reflects OneAmerica’s growth strategy. “This proposed merger would bring together two historically strong companies that share a deep commitment to policyholders and mutual company values,” said OneAmerica Chairman, President and CEO Dayton H. Molendorp. “We look forward to Shenandoah Life Insurance Company becoming the newest member of the OneAmerica family of companies.”