National Western Life Group, and Prosperity Life Group announced the closing of the previously announced acquisition of National Western by Prosperity Life Group company S. USA Life Insurance Company.
At the closing, SUSA acquired National Western in an all-cash merger valued at approximately $1.9 billion. At the effective time of the merger, a wholly owned subsidiary of SUSA merged with and into National Western, with National Western surviving the merger as a wholly owned subsidiary of SUSA. Each share of National Western common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive $500 in cash at closing.
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The transaction, which was unanimously approved by National Western’s Board of Directors, was approved by the holders of a majority of the Company’s outstanding shares at a special meeting held on January 8, 2024. National Western and SUSA received all required regulatory approvals for the merger, as well as for the redomestication of National Western’s subsidiary National Western Life Insurance Company from Colorado to Arizona.
“National Western’s insurance franchises, products and capabilities will be a great addition to Prosperity. This acquisition represents a significant milestone in the continued expansion of our insurance business,” commented Nicholas von Moltke, Prosperity President & CEO. “We welcome National Western to Prosperity and look forward to the opportunities ahead as a combined business.”
About National Western Life Group
Founded in 1956, National Western Life Insurance Company is chartered by the State of Colorado and a wholly owned subsidiary of National Western Life Group, Inc. National Western’s domestic operations extend to forty-nine states, the District of Columbia and four U.S. territories.
About Prosperity Life Group
Founded in 1916, Prosperity Life Group knows that for a future to flourish, it needs to be nurtured, cared for and protected. Since 1916, we’ve helped individuals and their families by providing life insurance, asset accumulation and supplemental health products to help them achieve their goals—whatever they may be. Today we stand stronger than ever with more than 300,000 policies, all rooted in innovation, empathy and advice.
