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The proposed transaction faces approval by the Texas Department of Insurance and should be finalized by the first quarter of 2009.
Wilton Re, a company founded in 2004 that specializes in reinsurance services, is making the move to acquire Texas Life.
Chris Stroup, chairman and CEO of Wilton Re, said he is impressed by the portfolio and potential of Texas Life.
"The headquarters definitely will remain in Waco," Stroup said. "I like what Steve Cates has built there with Texas Life, and we plan not to disturb that at all."
Cates, president and CEO of Texas Life, said the company's employment levels have been growing, and he expects that to continue.
Texas Life, which occupies the building at Ninth Street and Washington Avenue that bears its name, is the oldest legal reserve life insurance company domiciled in Texas.
Until Metropolitan Life Insurance Co. bought the company in 1988, it generally considered its markets to be only Texas and Oklahoma. Today, it is admitted to do business in 49 states and the District of Columbia.
Texas Life specializes in selling permanent life insurance policies to individuals in the workplace. It has assets of $630 million and 350,000 policies in force with a total value of $15 billion.
The company's primary market is public schools. Sales are conducted by agents or enrollers who meet face-to-face with individuals, offering coverage for the employee, spouse, children and grandchildren.
Cates said he believes the sale of Texas Life from MetLife to Wilton Re "is a win-win situation for MetLife." He said Texas Life will continue to provide policies for MetLife representatives to sell.
As a reinsurance company, Wilton Re assumes some of the risks of insurance companies and thereby frees up their capital.
"We also buy entire companies," Stroup said.
To see more of the Waco Tribune-Herald, or to subscribe to the newspaper, go to http://www.wacotrib.com. Copyright (c) 2008, Waco Tribune-Herald, Texas Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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