Kansas City Life Insurance Co. has agreed to acquire the issued and outstanding stock of Grange Life Insurance Co. from parent Grange Mutual Casualty Co.
The base purchase price for the transaction is expected to be about $77.2 million. The deal is projected to close at the end of the third quarter, but is subject to review by the Ohio Department of Insurance.
Following the acquisition, the staff of Grange Life will continue to service existing policyholders and assist in distributing Grange Life and Kansas City Life products. Grange Life will continue to operate in Columbus, Ohio.
Philo Smith & Co. served as Grange Life's financial adviser on the deal.
