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Torchmark Announces Closing of Purchase of Family Heritage Life Insurance Company of America
Nov 2, 2012
MCKINNEY, Texas, Nov. 2, 2012 /PRNewswire/ -- Torchmark Corporation (NYSE:TMK ) is pleased to announce that it closed the previously announced purchase of Family Heritage Life Insurance Company of America (Family Heritage), a privately-held supplemental health insurance provider, on November 1, 2012 for approximately $232 million, subject to final post-closing adjustments. This transaction is expected to be immediately accretive to net operating earnings per share with minimal impact, if any, on Torchmark's free cash flow available for stock repurchases or the RBC ratios of the insurance subsidiaries.
"We look forward to working with the Family Heritage team to ensure a seamless transition," said Torchmark co-CEO's Gary Coleman and Larry Hutchison. "We have complete confidence in the Family Heritage management, agents and employees."
Wells Fargo acted as financial advisor to Torchmark, while Locke Lord LLP served as legal advisor.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Torchmark has several nationally recognized insurance subsidiaries. Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies. American Income Life provides individual life insurance to working families. Liberty National Life is one of the oldest traditional life insurers in the Southeast. United American is a consumer-oriented provider of supplemental life and health insurance.
Caution Regarding Forward-Looking Statements
SOURCE Torchmark Corporation
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