Security National Financial Corporation Completes Coinsurance Transaction with Mothe Life Insurance and DLE Life Insurance Company
Security National Financial Corporation (Nasdaq: SNFCA) announced today
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. As of September 30, 2012, Security National
Financial Corporation had revenues of $167,599,000 and total assets of
$560,760,000.
Specific terms of the agreement were not disclosed.
If there are any questions, please contact Mr. Andrew Quist or Mr.
Garrett S. Sill at:
Security National Financial Corporation
P.O. Box 57250
Salt
Lake City, Utah 84157
Phone (801) 264-1060
Fax
(801) 265-9882
