Preferred Security Life Insurance Acquired by Sierra Financial Holdings
Deal News | Mar 19, 2025 | Globenewswire
Sierra Financial Holdings, LLC, a privately held company based in Houston, Texas, has announced its acquisition of Preferred Security Life Insurance Company, a Texas-domiciled carrier. The transaction received regulatory approval from the Texas Department of Insurance and is expected to close on April 1, 2025. Preferred Security Life Insurance Company, founded in 1994, operates from Colorado Springs, Colorado, and specializes in stipulated premium life insurance. The acquisition is strategic for Sierra Financial as it allows the company to include life insurance products in its portfolio, particularly aimed at the Latino market. This move supports Sierra's ongoing focus on financial services, including mortgage and insurance products, tailored to the Latino community, where it has various subsidiary companies operating in Texas and California.
Sectors
- Financial Services
- Insurance Industry
- Real Estate and Mortgage
Geography
- United States – The companies involved are based in the United States, with operations in Texas and Colorado, and a market presence in California.
- Texas – Sierra Financial Holdings and Preferred Security Life Insurance Company are both based in Texas, where the acquisition occurred.
- Colorado – Preferred Security Life Insurance Company has its operational base in Colorado Springs, making it a relevant geographical area for this transaction.
Industry
- Financial Services – Sierra Financial Holdings operates within the financial services sector, providing insurance and mortgage products to a niche market.
- Insurance Industry – This acquisition involves a life insurance company, making the insurance sector particularly relevant to the transaction.
- Real Estate and Mortgage – Sierra Financial Holdings is heavily involved in mortgage lending services, indicating significant relevance to the real estate and mortgage sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sierra Financial Holdings, LLC | Bidding Company | Company | A privately held financial services company based in Houston, specializing in serving the Latino market with mortgage and insurance products. |
| Preferred Security Life Insurance Company | Target Company | Company | A stipulated premium life insurance company founded in 1994, with its operational headquarters in Colorado Springs, Colorado. |
| Texas Department of Insurance | Regulatory Authority | Government | The regulatory body that approved the acquisition of Preferred Security Life by Sierra Financial Holdings. |
| Dennis Haley | President | Person | President of Preferred Security Life Insurance Company who commented on the strategic benefits of the acquisition. |