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.
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.