Kansas City Life Insurance Company announced today that it has sold Sunset Life Insurance Company of America, a wholly-owned subsidiary, to Bona Holdings, LLC, effective Monday.
Kansas City Life is expected to record a net gain of approximately $5.5 million on the transaction.
Sunset Life was founded in 1937 and acquired by Kansas City Life in 1974. Sunset Life operated primarily in the life insurance and annuity market, but ceased writing new business in the early 2000's. Kansas City Life reinsured 100% of the outstanding business of Sunset Life on December 31, 2020, and will continue to service all business issued prior to November 1, 2021, under the terms of the December 31, 2020, reinsurance agreement.
"Kansas City Life had a wonderful relationship with Sunset Life and its customers for over 45 years," said R. Philip Bixby, President, Chief Executive Officer and Chairman of the Board of Kansas City Life. He added, "While we are excited to see what Sunset Life's future opportunities will be under Bona Holdings, we are also pleased to be able to maintain our existing relationships with those customers who joined our enterprise through Sunset Life."
He concluded by adding, "The sale of Sunset Life will permit Kansas City Life to consolidate corporate resources and to focus on growth and customer service while continuing to provide Security Assured to all of our customers."
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia.