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National Western Life Group Inc. has agreed to pay $203 million in cash for Ozark National Life Insurance Company and an Ozark National sister company, N.I.S. Financial Services Inc.

Kitty Kennedy Nelson, National Western’s president, said in a statement that the company is making the deal because it likes Ozark National’s products, and the company’s agent-based distribution strategy.

(Related: Holding Company Plans To Buy Arkansas Insurer)

National Western would be acquiring the stock of Ozark National and N.I.S. from CNS Corp., a holding company based in Kansas City, Missouri.

The companies hope to complete the deal by March 31.

What is National Western?

National Western is a publicly traded, Austin, Texas-based financial services holding company that was founded in 1956.

The company’s life insurance business sells individual whole life insurance, universal life insurance, term life insurance and annuities through a network of 31,300 brokers, consultants and independent agents.

The company reported $110 million in net earnings for 2017 on $874 million in revenue.

What is Ozark National?

Ozark National is a life insurer that was founded by Charles N. Sharpe in 1964.

In 1969, Sharpe developed a product, The Balanced Program, that helps people contribute cash to a mutual fund while simultaneously pay premiums for whole life insurance.

For a purchaser who becomes disabled before the age of 60, a life insurance policy rider ensures that the scheduled stream of payments into the mutual funds will continue, according to Ozark National.

The company now has about $6 billion in life insurance in force.

Sharpe, who died in 2017 at the age of 89, was the founder of Heartland Christian Church and C.N.S. International Ministries as well as the founder of Ozark National, according to an obituary posted on the church website.

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