Security National Financial Corp. Finalizes Acquisition of Kilpatrick Life Insurance Company
24 December 2019 - 12:00AM
Security National Financial Corporation (NASDAQ: SNFCA) announced
today the closing of its purchase of Kilpatrick Life Insurance
Company. Kilpatrick Life is a Louisiana domiciled life insurer
having a strong insurance base in the Southeastern United States.
After receiving approval from the Louisiana Department of Insurance
on December 12th, the Company closed the transaction on December
13th. Kilpatrick Life had approximately $193,000,000 in assets and
$10,000,000 in collected premiums as of September 30, 2019, on a
statutory accounting basis.
Scott M. Quist, President of Security National
commented, “We view this acquisition as strategic with regards to
our combined overall growth in the region. Kilpatrick Life’s
products and marketing are similar to Security National’s and thus
with the introduction of updated products and improved sales
support, we expect to achieve considerable economies of scale over
time.”
Over the recent past Security National has
experienced solid growth in all segments that it operates. Security
National noted that it grows its insurance operations both
organically by direct sales and through acquisitions. The Company
noted that this is its third business acquisition in the last 3
years. Security National noted that as of September 30, 2019, its
assets were $1,160,000,000, stockholder’s equity was $181,072,000,
gross revenue was $205,320,000, and pre-tax profitability was
nearly $12,000,000. Security National operates in three main
business segments, life insurance, mortgage banking, and cemetery
mortuary operations.
This press release contains statements that, if
not verifiable historical fact, may be viewed as forward-looking
statements that could predict future events or outcomes with
respect to Security National Financial Corporation and its
business. The predictions in these statements will involve risk and
uncertainties and, accordingly, actual results may differ
significantly from the results discussed or implied in such
forward-looking statements.
For Further Information Contact: Brian Nelsenor
Garrett S. SillSecurity National Financial CorporationP.O. Box
57250(Telephone) (801) 264-1060(Fax) (801)
265-9882Website: www.securitynational.com
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