Federal Life Insurance Acquires Texas Service Life Insurance

Texas

Federal Life Insurance Company has successfully completed its acquisition of Texas Service Life Insurance Company, marking a strategic move to enhance its pre-need insurance offerings. Although the specific terms of the transaction were not disclosed, this consolidation is expected to enable both companies to better serve families’ needs in an underserved market.

The acquisition is backed by Bain Capital, an investment firm that supports Federal Life in its growth initiatives. Following the acquisition, George Wise has been appointed as the president of Texas Service Life, taking over leadership responsibilities as the two companies plan to integrate their operations.

The new partnership aims to implement a national growth strategy focused primarily on pre-need insurance products. This strategy will emphasize accessibility, trust, and innovative financial security solutions tailored to meet the needs of families throughout the country.

Federal Life Insurance Company holds a Best’s financial strength rating of A- (Excellent), which underscores its robust financial position within the insurance market. In line with optimizing its operations, Federal Life Group Inc.—the parent company of Federal Life Insurance Company—has announced plans to cease reporting current information to the OTC Market in 2023, targeting significant savings.

Founded in 1985, Texas Service Life Insurance Company has built a reputation for providing reliable pre-need insurance arrangements. The company offers a registered trademark product named Family1, which is designed to help families plan for future expenses associated with end-of-life services.

The collaboration between Federal Life and Texas Service Life aims not only to expand their product offerings but also to enhance customer service delivery. Both companies have expressed their dedication to exceeding client expectations and addressing the evolving landscape of pre-need planning.

With a wide array of life, health insurance, and annuity products, Federal Life Insurance Company’s initiatives are structured to assist families in navigating the complexities of insurance needs, particularly regarding pre-planning for future financial responsibilities.

The leadership of both companies is committed to delivering exceptional service and innovative solutions for customers interested in pre-need insurance. The post-acquisition landscape looks promising as Federal Life and Texas Service Life embark on this shared mission to shape the future of pre-need planning, ensuring that families can plan efficiently and securely.