The Texas Department of Insurance approved Oct. 11 Preferred Security Life Insurance Co.'s planned acquisition of 100% of Jefferson Life Insurance Co.'s shares.

The deal is expected to close Nov. 15. The purchase price is estimated to be approximately $1.5 million.

Preferred Security Life will shoulder $500,000 of the purchase price, while parent company TEG LLC will pay for the remainder. Preferred Security Life will recognize a $695,000 addition to surplus at closing.