The member owners of Security Benefit Mutual Holding Company have blessed efforts to sell the company to Guggenheim Partners L.L.C.
Members have approved plans to have Security Benefit, Topeka, Kan., demutualize and dissolve, the company says.
About 90% of the members who voted in favor of the demutualization and dissolution plans, the company says.
The Security Benefit board needed member approval of the plans to proceed with efforts to have Guggenheim Partners, Chicago, acquire the company.
Guggenheim Partners announced that it would spend a total of $400 million to acquire and strengthen the company.