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Security National Acquires Southern Security

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A financial services company is expanding its life insurance operations.

Security National Financial Corp., Salt Lake City, Utah, has completed efforts to acquire Southern Security Life Insurance Company Inc., Louisville, Miss.

Security National has life insurance, mortgage banking and cemetery mortuary divisions. It is reporting $2.7 million in profits on $167 million in revenue for the first 3 quarters of 2008.

Southern Security, the largest direct writer of industrial insurance in Mississippi, reported a net loss of $496,010 for 2007 on $4.2 million in revenue, on a statutory accounting principles basis. The company ended 2007 with $24 million in capital and $757,618 in surplus.

Southern Security had 24,323 policies in force and about 390 agents.

Russ Nowell, who has been president of Southern Security, is a member of the Mississippi House of Representatives.

Security National is not saying how much it is paying for Southern Security, but Security National says it previously began reinsuring the majority of Southern Security’s in-force business. Security National first announced plans to acquire Southern Security in August 2008.

Future business written by Southern Security also will be covered by the reinsurance agreement, Security National says.