DES MOINES - Amerus Group, a life insurance and annuity company, has completed its purchase of Indianapolis Life Insurance Co.
The announcement came Monday, the same day Indianapolis Life's demutualization took effect.
Over the next six to eight weeks, eligible Indianapolis Life members will receive Amerus common shares, cash, and policy credits equal to the value of 9.3 million shares of Amerus Group common stock. Amerus' closing price Friday of $34.90 a share makes the deal worth about $324.6 million.
Indianapolis Life will retain its name and its Indianapolis headquarters. Roger K. Brooks, Amerus Group's chairman, president, and chief executive officer, has become chairman of Indianapolis Life. Larry R. Prible, president and CEO of Indianapolis Life, has become vice chairman of Amerus' board of directors and a member of the company's senior operating team.
In addition to Mr. Prible, two directors from Indianapolis Life's board, Alecia A. DeCoudreaux, and Andrew J. Paine Jr., have joined Amerus' board.
The acquisition of $5.8 billion-asset Indianapolis Life increases Amerus' assets to more than $17 billion.
