American Republic Insurance Company has agreed to acquire Great Western Insurance Company.
American Republic is a Des Moines, Iowa-based unit of American Enterprise Group Inc. American Enterprise Group is, in turn, an arm of American Enterprise Mutual Holding Company.
The corporate family includes Medico Insurance Company as well as American Republic. American Enterprise insurers sell life insurance, hospital indemnity insurance, short-term care insurance, cancer insurance and Medicare supplement insurance.
Great Western is a privately held Ogden, Utah-based life insurer that was founded in 1983. It writes life insurance policies and annuities used to fund arrangements for funerals, cremations and burials.
(Related: New Short-Term Care Group Meets)
Great Western has 121 employees, and licenses to do business in 46 states and the District of Columbia, according to a deal announcement put out by American Enterprise Group.
A report filed with the Texas Department of Insurance shows that the company generated about $200 million in premiums in 2016 and ended 2016 with about $1.2 billion in assets.
John Lindquist, Great-Western’s founder, is still the chief executive officer of the company and chairman of the board.