In a press release dated today out of Murray, Utah, we learned that the Security National Financial Corporation (SNFC) has closed on its purchase of the Kilpatrick Life Insurance Company domiciled in Louisiana. Both companies operate to some degree in the pre-need funeral funding insurance market.
You can read the press release as provided from Globe Newswire here.
Scott M Quist, President of Security National is quoted in the press release, “We view this acquisition as strategic with regards to our combined overall growth in the region. Kilpatrick Life’s product and marketing are similar to Security National’s and thus with the introduction of updated products and improved sales support, we expect to achieve considerable economies of scale over time.”
According to the press release, SNFC has assets of $1.16 billion, gross revenue of $205 million, and a pre-tax profit of nearly $12 million. From the Kilpatrick Life web-site that you can access here, they list financial assets of $190 million with over $1 billion of insurance in force. They are licensed to operate in Louisiana, Texas, Arkansas, Oklahoma, and Mississippi. In addition, their web-site mentions that they have a sister company, Rose-Nearth Funeral Homes (web-site here).
Security National Financial Corporation is a publicly traded company based in Utah and, in addition to operating funeral homes and cemeteries, provides pre-need and funeral assignment solutions to funeral homes.
Here is the web-site for SNFC preneed information.
Here is the web-site for SNFC’s funeral funding arm, C & J Financial, LLC.
SNFC Related — Earlier this month Security National Financial Corporation announced a stock dividend on its common stock. Here is what President Scott M. Quist said about that.
“We have been pleased with the growth of the Company this year with our book value growing to $10.53 per common share. This is the Company’s 31st consecutive year in declaring a 5% stock dividend. We find many of our stockholders are pleased with the stock dividend due to the options it affords for long-term appreciation or cash flow if they choose to sell the shares.”