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Title: First Trinity Financial Corporation Announces Signing of Definitive Agreement to Acquire Doctors Life Insurance Company
Press Release of July 26, 2011 relating to announcement by First Trinity Financial Corporation of its execution of an agreement to acquire Doctors Life Insurance Company
First Trinity Financial Corporation Announces Signing of Definitive Agreement to Acquire Doctors Life Insurance Company
Tuesday, July 26, 2011
First Trinity Financial Corporation (“First Trinity”) located in Tulsa, Oklahoma announced today that First Trinity’s wholly owned subsidiary, Trinity Life Insurance Company (“Trinity Life”), domiciled in Oklahoma, has signed a definitive agreement to acquire Doctors Life Insurance Company (“Doctors Life”), domiciled in California, with statutory assets of approximately $22 million and licensed in California, Arizona, Hawaii, Montana, Nevada, Texas and Wyoming.
The purchase price will be $4,500,000, subject to adjustment based upon required statutory capital and surplus. The transaction is subject to customary regulatory approval. Closing is anticipated to occur in December 2011. Merger and Acquisition Services served as an advisor to the Doctors Company.
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