Security National Financial Corporation (Nasdaq: SNFCA) announced today it has, through its wholly owned subsidiary Security National Life Insurance Company, closed on a reinsurance transaction with North America Life Insurance Company, located in Austin, Texas.
"North America is an insurer with a strong presence in Texas. As a result, we are excited by the opportunities this transaction brings to our Company," said Andrew Quist, Associate General Counsel for Security National. "The resources, experience and strength that Security National and North America each posses within Texas will enhance the safety, security and service of the policyholders."
"We continue to grow our life insurance segment through strategic transactions and direct writings," said Jason Overbaugh, National Sales Director for the Company. "Security National Life continues to increase its footprint in Texas. Completing this reinsurance transaction with a company such as North America gives us an increased presence in the state of Texas, an attractive market in which Security National Life already has a strong base."
Security National Life coinsured approximately 15,000 policies through the reinsurance agreement with North America. Security National Life will administer the reinsured policies.“We feel quite confident that the policyholders will receive a level of customer service that exceeds their expectations,” Quist said. Security National Financial Corporation conducts business in three business segments: life insurance, mortgage banking and cemetery mortuary operations. As of December 31, 2010, Security National Financial Corporation had revenues of $168,530,000 and total assets of $465,000,000. Specific terms of the agreement were not disclosed. If there are any questions, please contact Mr. Andrew Quist or Mr. Stephen M. Sill at: Security National Financial CorporationP.O. Box 57250Salt Lake City, Utah 84157Phone (801) 264-1060Fax (801) 265-9882