Puritan Financial Companies Inc. has acquired 100% of the common stock of Independent State Life Insurance Company.
Puritan, Dallas, the parent of Puritan Financial Group Inc., an insurance agency, says it paid about $2 million for the company to Columbia Insurance Group, Columbia, Mo.
Independent State was organized in 1984 to write credit life insurance business in Texas.
Puritan says it will be changing the name of Independent State to Puritan Life Insurance Company and start out using Puritan Life to reinsurer life insurance policies and annuity contracts produced by and through Puritan Financial.