RIDGELAND — Security Plan Life Insurance Company has completed the purchase of Magnolia Guaranty Life Insurance Company.
On March 7, Citizens Inc. subsidiary Security Plan completed its acquisition of Magnolia of Ridgeland for $5.23 million. Security Plan paid cash in exchange for 409,553 shares of Magnolia capital stock outstanding.
In response to receiving the Mississippi Department of Insurance order approving the transaction, Rick D. Riley, CEO of Security Plan, said, “This Security Plan Life acquisition complements our home service segment. Magnolia customarily sells policies through independent funeral homes while Security Plan customarily sells through a debit route-based system. Together, we anticipate Mississippi clients will experience enhanced support from the affiliated companies.”