An investment group has pumped $175 million into a life insurer that it announced plans to acquire in February.
Guggenhim Partners L.L.C., Chicago, which is leading the acquisition effort, says the investor group made the investment in Security Benefit Corp., Topeka, Kan., indirectly, and that the investment was structured as a loan.
The investor group put the capital in Security Benefit’s Security Benefit Life Insurance Company subsidiary.
The investor group plans to invest another $225 million in Security Benefit when it completes the proposed acquisition of the company, Guggenheim says.
The investor group hopes to close on Security Benefit by Sept. 30.
CORRECTION: An earlier version of this article described the status of the Security Benefit deal incorrectly. The Guggenheim investor group is still in the process of implementing the deal.