JACKSONVILLE, Fla., Jan. 25, 2021 /PRNewswire/ -- Independent Insurance Group LLC ("Independent Group") today announced that it has entered into a definitive agreement to acquire Sterling National Life Insurance Company ("Sterling National") from SILAC Insurance Company ("SILAC").
Independent Life Insurance Company ("Independent Life"), Independent Group's life and annuity subsidiary, is focused on the primary issuance of structured settlement annuities, with the mission of helping personal injury victims and their families meet their financial needs over their lifetimes. Independent Group was founded by management and LKCM Headwater Investments, the private equity arm of Luther King Capital Management, an SEC-registered investment advisory firm based in Fort Worth, Texas. Sterling National, licensed in 33 states and the District of Columbia, ceased writing insurance business in early 2020.
"This acquisition is a key element of our broader strategy to continually enhance our overall business profile," said George Luecke, President and Chief Strategy Officer of Independent Group. "Building upon the strong foundation we have created to date, Sterling National brings us licenses in the majority of states across the U.S., further expanding our footprint, market presence and diversification potential."
"2020 was a year of many accomplishments for us," added Michael Upchurch, Chairman and Chief Executive Officer of Independent Group. "We will continue to take prudent steps to benefit our company, brokers and payees, and bring innovation and growth to our industry. We are looking forward to making further positive announcements in 2021."
Dan Acker, President of SILAC, commented "We are pleased to announce the sale of Sterling National, a wholly owned subsidiary of SILAC, to Independent Group. This transaction will allow us to continue our focus on providing valuable fixed annuity products through more than 11,000 agents and advisors under the SILAC brand. SILAC will remain domiciled in Utah and this transaction will not impact any of our employees".
Further details of the transaction were not disclosed. Willkie Farr & Gallagher LLP acted as legal counsel and Fletcher Financial, Inc. acted as broker to Independent Group in this transaction. The transaction is subject to regulatory approval.
ABOUT INDEPENDENT INSURANCE GROUP
Independent Life, Independent Group's life and annuity subsidiary, is the first insurance company to focus exclusively on structured settlements. Independent Group's goal is to provide competitive and innovative annuity products and services that professional consultants can efficiently integrate into their settlement planning solutions, for the long-term protection of personal injury victims and their families. Among other significant achievements since its formation, Independent Life was recognized as the second fastest growing life and annuity insurance company in 2019 by S&P Global Market Intelligence1. For additional information on Independent Life, please visit www.independent.life.
ABOUT SILAC INSURANCE COMPANY
SILAC was established in 1935. The company is Utah's oldest active life insurance company and among the state's largest insurers. Licensed in 47 states and the District of Columbia, SILAC has focused on meeting the life and health insurance needs of seniors for decades. Since entering the annuity market in 2018, they have grown their annuity product line and premium revenue to over $3 billion in annual sales. For additional information, please visit www.SILACins.com.
ABOUT LKCM HEADWATER INVESTMENTS
LKCM Headwater Investments is a Texas-based private equity firm that partners with management teams to build highly successful companies. LKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment advisory firm established in 1979 with $21.6 billion of assets under management as of December 31, 2020. LKCM's proven investment discipline centers on a long-term focus of investing in well-managed companies that demonstrate an ability to re-invest cash flows into high return investment opportunities.