Citizens Inc. to acquire security alliance's parent. (Inside Business).Citizens Inc., a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company based in Austin, Texas, will buy all outstanding shares of Mid-American Alliance Corp. of Jefferson City Jefferson City, city (1990 pop. 35,481), state capital and seat of Cole co., central Mo., on the south bank of the Missouri River, near the mouth of the Osage; inc. 1825. , Mo., for shares of its Class A common stock. Mid-American is the parent of Mid-American Century Life Insurance Co., a Missouri life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , and Security Alliance Insurance Co., an Arkansas life insurance company. The agreement is subject to approval by Mid-American's shareholders and insurance regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in Missouri and Arkansas. The exchange will be based upon a market value of $1.35 a share for Mid-American, while the price for the Citizens shares will be determined using its average 20-day price preceding closing. The deal is valued at about $8.2 million. |
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