(PRWEB) October 08, 2012
Puritan Financial Companies announced today that is has competed its acquisition of both Admiral Life and Texas International Life Insurance Company ("TILIC"). The acquisition announcement of December of 2011 started the due process for the integration of Admiral Life and TILIC. The acquisition process staged a merger of TILIC into Admiral Life. Admiral Life was then merged into the Puritan Life Insurance Company of America (PLICA). PLICA is a wholly own subsidy of Puritan Financial Companies and a sibling company to the Puritan Financial Group , a BBB accredited insurance agency since July 9, 2002 with an "A+" rating.
Previously, Texas International Life Insurance Company (TILIC) was a Texas corporation established in 1975 and is categorized under Charted Life Insurance Underwriters. TILIC organized business type allowed it to enter into contracts of life and/or health and accident insurance and reinsurance which are defined by the Texas Insurance Code. In addition, the TILIC can issue policies of insurance and engage in lawful financial activity permitted under the General Corporate Statues of Texas.
For the acquisition, the Articles of Incorporation for Texas International Life Insurance Company were modified by the Amended and Restated Articles of Incorporation. The agreement outlined the place of business located in Addison, Dallas County, Texas. It also states how each amendment made by the Restated Articles of Incorporation complies with the provisions of the Texas Insurance Code. The property, business and affairs of the TILIC shall be managed by the Board of Directors, this board consisting of five people or more. The present set of directors under the Restated Articles of Incorporation includes Matthew McIntyre, Paul Crooks. Kenneth Phillips, Jim Henson, and Sam Thomas. Each amendment made by the Restated Articles of Incorporation was adopted by the shareholders of the corporation on February 25, 2011.
Through these agreements, the Puritan Financial Companies acquired all issued and outstanding capital stock of TILIC and along with that was named sole shareholder of Texas International Life Insurance Company. When the Restated Articles of Incorporation were adopted, the number of shares of the corporation outstanding was 140,000 shares of common stock, par value at $10.00 per share. None of the effected amendments provided for any exchange, reclassification, or cancellation of issued shares.
At the same time, Puritan Financial Companies also purchased Admiral Life Insurance Company of America, a stock life insurance company. A company merger was executed where TILIC was merged into Admiral Life, which is now known as Puritan Life Insurance Company of America or the Puritan Financial Group. This acquisition and merger was approved by department of Insurance on December 16, 2011.
About Puritan Financial Group and Companies
Puritan Financial Companies and its subsidiary, the Puritan Financial Group and PLICA, is a group of companies focused on serving the financial needs of retirees and those approaching retirement age. Puritan works in financial planning for the experienced investor, supplying investment advice, financial services and insurance products designed to offer you low-risk solutions, competitive rates and positive returns.