Catholic Financial Life will acquire Degree of Honor Protective Association, a St. Paul, Minn.-based fraternal life insurance organization, according to the company's website.
The organizations' boards approved the transaction, which is yet to obtain approvals from insurance regulators in Wisconsin and Minnesota, the Milwaukee Business Journal reported. Catholic Financial President and CEO William O'Toole expects the deal to close no later than the week of April 3.
O'Toole said the acquisition will bring in about $2 million per year to the operating income of Catholic Financial, according to the report. The company's presence will also be expanded in Minnesota, Michigan, Ohio and North Dakota.
The Degree of Honor brand will be retained, the news publication said. However, Degree of Honor's underwriting, programs and benefits will be integrated with Catholic Financial and administrative functions and member services will move to Catholic Financial's office in Milwaukee.
Catholic Financial has approximately $5.1 billion of insurance in force and around 108,000 members, according to the report.