Capital Assurance Corp. is moving ahead with plans to acquire Standard Life Insurance Company of Indiana for $82 million.[@@]
Indiana insurance regulators approved the deal May 27, and the shareholders of Standard Management Corp., Indianapolis, the publicly traded company that now owns Standard Life of Indiana, voted to approve the deal May 18, according to Capital Assurance, Louisville, Ky.
The deal should close within 2 weeks, Capital Assurance says.
John Franco, chairman of Capital Assurance, says his company expects to keep the Standard Life brand, Standard Life's Indiana offices and all of Standard Life's employees after the sale has closed.
Standard Life has about $1.7 billion in assets and licenses to operate in 48 states and the District of Columbia.
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