A Kansas Corporation
USAlliance Corporation was built on our Midwest values to raise capital and build a new Kansas-based life insurance company, USAlliance Life and Security. Over 2,000 Kansans from all walks of life throughout the state invested in this great Kansas company! 2,225 Kansans and 1,325 North Dakotans invested over $25,000,000 to build our insurance companies.
On January 2, 2012, USAlliance Life and Security Company (USALSC) was granted a Certificate of Authority from the Kansas Insurance Department. After extensive training and 5 product series approvals, USALSC sold its first policy on May 1, 2013. Over 750 Kansans, Missourians, Oklahomans, Nebraskans, and North Dakotans have contracted with USALSC to sell our 14 products in Kansas, Missouri, Oklahoma, Nebraska, South Dakota, North Dakota, and Montana.
On September 1, 2015, USALSC entered into an agreement to provide certain insurance administrative functions, data processing systems, daily operational services, management consulting, and marketing development to Dakota Capital Life Insurance Company (DCLIC). This agreement has an initial term of 60 months (beginning on September 1, 2015).
USAlliance Corporation made its first acquisition on August 1, 2017 through our exchange of stock for Northern Plains Capital Corporation and its subsidiary, DCLIC. DCLIC then became a wholly-owned subsidiary of USALSC. DCLIC has 633 policies, $1,220,167 annual premium, and total assets of $6,590,361. We are so excited their 1,325 shareholders are now shareholders in USAlliance Corporation. Subsequent to the acquisition of DCLIC, the agreement listed above is still inforce.
On September 30, 2017, USALSC entered into a coinsurance agreement with American Life and Security Corporation ("ALSC") to assume 100% of a certain block of life insurance policies. USALSC is also the servicer of this block of policies. USALSC paid a ceding commission of $1,850,000 and received $7,153,663 from ALSC. The agreement will remain in effect until all liabilities associated with this block of policies have been satisfied.
On December 14, 2018, USALSC acquired Great Western Life Insurance Company (GWLIC) pursuant to Stock Purchase agreement entered into on October 11, 2018 with Great Western Insurance Company, a wholly-owned subsidiary of American Enterprise Group, Inc. USALSC paid $500,000 to acquire all outstanding shares of GWLIC. GWLIC has capital and surplus of $1,721,012. Subsequent to the acquisition, GWLIC was renamed US Alliance Life and Security Company - Montana.
For more information, please click on the Post-Effective Amendment link below.
For more information on USAlliance - Life and Security Company, please visit here.
For more information on Dakota Capital Life Insurance Company, please visit here.