Sierra Financial Holdings, LLC, a Houston-based financial services company, has completed its acquisition of Preferred Security Life Insurance Company (PSLIC), a Texas-domiciled life insurer based in Colorado Springs.
The transaction received final approval from the Texas Department of Insurance and closed on April 1.
Founded in 1994, PSLIC specializes in stipulated premium life insurance and will now operate as part of Sierra’s broader financial services platform. Sierra, established in 2010, focuses on serving the Latino market through a group of companies offering mortgage and insurance products across multiple states.
“PSLIC is a superb life insurance carrier, and the company is a perfect fit to Sierra’s Strategic Plan. PSLIC provides ideal synergies with our other portfolio companies, and we look forward to incorporating PSLIC into Sierra’s family of financial services organizations,” said John F. Sexton, managing partner at Sierra.
The acquisition comes as Sierra looks to expand its reach in the life insurance sector and strengthen the integration between its mortgage and insurance offerings.
Craig Haack, also a managing partner, said the addition of PSLIC positions the company to pursue new partnerships between life insurers and mortgage providers. “There is a great deal of interest in the mortgage industry to partner with life insurance companies as an outlet for residential whole loans,” Haack said.
Charles Ferdin, managing partner, emphasized the opportunity to deepen engagement with Latino families, a key customer base for the firm. “As a Latino, the ability to offer financial protection and security to the Latino family is critical – PSLIC’s life insurance platform combined with our unique distribution strategy perfectly complements the wide array of mortgage loan and other financial service products that we currently offer,” he said.
Sierra’s operations include Sierra Mortgage Capital, a national conduit for residential whole loans; Sierra Lending Group and Sierra Lending Corporation, retail mortgage lenders in Texas and California; and Sierra Insurance Services, which provides life insurance solutions focused on the Latino community.
The integration of PSLIC is expected to support Sierra’s strategy to provide a more comprehensive financial offering and increase access to insurance products in underserved markets.
