IHC (IHC) to Sell Standard Security Life Insurance Company of New York to Reliance Standard
Independence Holding Company (NYSE: IHC) today reported its agreement to sell Standard Security Life Insurance Company of New York to Reliance Standard Life Insurance Company, a member of the Tokio Marine Group.
On April 14, 2021, Independence Holding Company (NYSE: IHC) (“IHC”) and its wholly owned subsidiary Independence Capital Corp. (“ICC”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Reliance Standard Life Insurance Company (“Reliance Standard”) to sell all of the issued and outstanding capital stock of Standard Security Life Insurance Company of New York, an insurance company domiciled in the State of New York and wholly owned subsidiary of ICC (“Standard Security”), for an aggregate purchase price of $180 million in cash. In addition, in accordance with the Purchase Agreement, at closing, Standard Security will make a dividend to ICC in an amount equal to the excess of the aggregate statutory capital and surplus of Standard Security as of the closing date over $53 million. Standard Security had statutory capital and surplus of $64.6 million at December 31, 2020. The closing of the transaction, the closing dividend and certain other items are subject to customary closing conditions including applicable regulatory approvals, one of which is the approval of the New York State Department of Financial Services.
Raymond James & Associates acted as financial advisor to IHC and both Dentons and Clifford Chance provided external legal counsel in connection with this transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Business First Bancshares Inc. (BFST) to acquire Oakwood Bancshares
- GXO Logistics, Inc. (GXO) Prices $1.1B Notes Offering
- Applied DNA Sciences (APDN) Awarded Contract by HDT Bio For Rapid Vaccine Development Program
Create E-mail Alert Related Categories
Corporate News, Mergers and AcquisitionsRelated Entities
Raymond James, Dividend, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!