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Most of the 340 people who work for Indianapolis Life Insurance Co. locally should keep their jobs after completion of the insurance company's dernutualization and acquisition by Iowa-based AmerUs Group.
That was a pledge made to Indiana Insurance Commissioner Sally McCarty during hearings to consider the acquisition of the longtime Indiana insurance company.
"One of the reasons we did deal with AmerUs was their commitment to the Indianapolis operation," said Larry R. Prible, president and CEO of Indianapolis Life.
On May 21, AmerUs and Indianapolis Life announced completion of an 18-month process that saw the Indiana firm convert from a mutual to a stock life insurance company, thus paving the way for its acquisition by AmerUs.
The last two steps in the com
plicated process-approval by the State Insurance Commissioner and a vote by Indianapolis Life policyholdersboth occurred in mid-April.
As part of the agreement, eligible Indianapolis Life policyholders will receive shares of AmerUs common stock, cash or policy credits with an aggregate value of 9.3 million shares of AmerUs common stock, or about $325 million.
The two companies also will do some trading of executive titles and board memberships.
Prible will remain president and CEO of Indianapolis Life and will join the AmerUs Group's board of directors as vice chairman and will become a member of AmerUs Group's senior operating team.
AmerUs Group Chairman, President and CEO Roger K. Brooks will become chairman of the board of Indianapolis Life.