Utah's Security National inks coinsurance pact
Security National Financial Corp. said it has, through its Security National Life Insurance subsidiary, closed on a coinsurance transaction with Mothe Life Insurance and DLE Life Insurance Co.
The Salt Lake City-based business conglomerate said it is now coinsuring approximately 103,000 policies underwritten by the two Louisiana-based insurance companies.
"This transaction allows Security National to deepen our presence in Louisiana and the Southeast, a region that is very important to Security National," said Andrew Quist, vice president and associate general counsel at Security National. "By continuing to increase our footprint in the region, both through direct sales and transactions, we believe we can offer a better customer service experience to our policyholders, while gaining efficiencies in our operations."
The terms of the transaction were not disclosed, but Quist said it represents a significant increase in Security National customers and a significant increase in assets.
Security National conducts its operations through three business segments, life insurance, mortgage banking and mortuary operations. As of Sept. 30, 2012, the company had revenues of $167.6 million and assets of $560.8 million.