Security National Financial Corp. of Murray has closedits purchase of Shreveport, Louisiana-based Kilpatrick Life Insurance Company. Kilpatrick Life is a life insurer with a strong insurance base in the southeastern United States. After receiving approval from the Louisiana Department of Insurance on Dec. 12, the Security National closed the transaction on Dec. 13, according to a release from the company.
AT the time of closing, Kilpatrick Life had approximately $193 million in assets and $10 million in collected premiums as of Sept. 30.
“We view this acquisition as strategic with regards to our combined overall growth in the region,” said Scott M. Quist, president of Security National. “Kilpatrick Life’s products and marketing are similar to Security National’s and thus with the introduction of updated products and improved sales support, we expect to achieve considerable economies of scale over time.”
Security National reports that over the recent past, it has experienced solid growth in all segments that it operates, including its insurance operations, both organically by direct sales and through acquisitions. This is the company’s third business acquisition in the past three years. Security National operates in three main business segments, including life insurance, mortgage banking and cemetery mortuary operations. The company was founded in 1965 and has more than 1,200 employees.