Federal Life Insurance Co., backed by investment firm Bain Capital, has finalized its acquisition of Texas Service Life Insurance Co. The terms of the transaction were not disclosed.
Knut Olson, CEO of Federal Life, stated, “It’s a signal to the market that pre-need is an essential product for families, and we believe the market is underserved,” said Knut Olson, CEO of Federal Life.
Following the acquisition, George Wise will assume the role of president of Texas Service Life. The company is set to embark on a national growth strategy for its pre-need offerings, with a focus on accessibility, trust, and advanced financial security solutions.
“We are evolving with purpose, ready to strengthen and scale a business designed to meet the ever-changing needs of families everywhere,” Wise said.
Federal Life Insurance Co. offers a range of life and health insurance, as well as annuity products. It currently holds a Best’s financial strength rating of A- (Excellent), indicating a strong financial position to support its new endeavors. Federal Life Group Inc., the holding company for Federal Life Insurance Co., announced in 2023 its intention to cease reporting current information to the OTC Market, citing anticipated “financially meaningful” savings.
Texas Service Life Insurance Co., established in 1985, has a history of providing dependable pre-need insurance arrangements, including its registered trademark, Family1.
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