Citizens, Inc. (NYSE: CIA) announced today it has reached an agreement to acquire Ozark National Life Insurance Company of Little Rock, Arkansas, for $58.06 per share. Ozark National has 137,788 shares of capital stock outstanding.
It has specialized in the sale of ordinary life insurance policies in Arkansas through its pre-need and home service distribution channels since 1956. For the year ended December 31, 2007, Ozark National had assets of $18.5 million and annual premiums of $4.0 million. The transaction is subject to approval by Ozark National's shareholders, approvals by insurance regulators and other customary closing conditions. Closing is expected in the fourth quarter of 2008.
Rick Riley, Citizens' President said, "As we continue to grow the pre-need and final expense business, Ozark National provides a natural synergy with our Security Plan subsidiary. These two companies complement one another very well, and together, serve to strengthen each other."
Citizens, Inc. is a financial services company listed on the New York Stock Exchange under the symbol CIA. The Company plans to achieve $1 billion in assets, $250 million in revenues and $10 billion of life insurance in force by 2010, via the worldwide sale of U.S. dollar denominated whole-life insurance policies, coupled with the acquisition of other life insurance companies. Citizens Class A common stock closed at $9.15 on September 19, 2008. -- Citizens, Inc.
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