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Security National Financial Corporation (Nasdaq: SNFCA) announced it has, through its wholly owned subsidiary Security National Life Insurance Company, closed on a coinsurance transaction with Mothe Life Insurance, located in Gretna, Louisiana and DLE Life Insurance Company, located in Bogalusa, Louisiana.
“What a great way to finish 2012. This transaction allows Security National to deepen our presence in Louisiana and the Southeast, a region that is very important to 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,” said Andrew Quist, vice president and associate general counsel for Security National. “We look forward to a relationship with Mothe Life that we believe will be beneficial for both companies and seamless to the policyholders.”
Security National Life coinsured approximately 103,000 policies through this co-insurance agreement, with an approximate $40,000,000 of reinsured reserves. Security National Life will administer the reinsured policies.
“This transaction represents a significant increase in Security National customers and a significant increase in asset size. Security National has a reputation in the industry of providing excellent customer service, and we believe the policyholders coinsured under this transaction will find that to be the case,” Quist said.
Security National Financial Corporation conducts business in three business segments: life insurance, mortgage banking and cemetery mortuary operations.
Specific terms of the agreement were not disclosed.