Standard Management Corp. said Monday that it intends to sell its financial services division, Standard Life Insurance Company of Indiana, to an unnamed equity investor group experienced in the insurance industry and specializing in asset accumulation.
Their letter of intent contemplates that the sale's consideration would consist mostly of cash and also the assumption of debt and preferred stock of the proposed buyer. The parties said they expect to sign a definitive sale agreement by Dec. 31.
If the proposed transaction closes, Standard Life would continue to operate from Standard Management's national headquarters in Indianapolis. Ronald D. Hunter, the chairman and chief executive officer of Standard Management, would remain a Standard Life director.
