Kansas City Life Agrees to Pay $77.2 Million for Grange Mutual Life Unit

The companies hope to complete the deal by Sept. 30.

R. Philip Bixby, president of Kansas City Life, said in a statement that the company is making the acquisition to continue to grow and serve its policyholders.

"Life insurance is our lifeblood, and we have a strategic vision in place," Bixby said.

John Ammendola, president of Grange Mutual, said he believes the deal will create new opportunities for the company's life insurance customers and agents.

Kansas City Life said Walter Bixby, executive vice president of Kansas City Life will lead the integration efforts.

Theresa Mason, the president of Grange Life, will continue to be the president of Grange Life after the deal is completed, Kansas City Life said.

A.M. Best says it has assigned a financial strength rating of A-, or excellent, to Grange Life. The company put the rating, and its a- long-term issuer credit rating on Grange Life, under review with developing implications until the deal closes.

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