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Unrelated 3rd party completes acquisition of Financial Assurance Life Insurance

An unrelated third party completed the acquisition of Financial Assurance Life Insurance Co. on Oct. 5, according to a filing by the latter.

After the sale of 100% of its common stock, the company was removed from administration, data processing, asset management and tax sharing agreements with its former affiliates. Financial Assurance Life Insurance was sold for an amount equal to its statutory capital and surplus on the closing date plus $1.3 million.

The sale was approved by the Texas Department of Insurance on July 9 and was announced Aug. 15.