SNL - Security National Life
SNL Company
Security National Financial Corporation is the parent company of Security National Life Insurance Company, Security National Life Insurance Company of Louisiana, Security National Mortgage Company, and its cemetery and mortuary divisions, which include Memorial Estates Cemeteries and Mortuaries, along with assorted affiliated Funeral Homes and Cemeteries throughout the Western States.
Precursor to Security National Financial Corporation was Security National Life Insurance Company, which was incorporated on August 19, 1965. Security National Life Insurance Company received its Certificate to sell insurance in July 1966. This allowed the principals to continue to sell both stock and insurance under the name of Security National Life Insurance Company.
In addition to the sales of individual policies, the Company grew by means of acquisition of existing companies doing business in other states. The first acquisition made by Security National Life was that of Grand Canyon Life of Arizona in 1966. Security National folded the Grand Canyon Life of Arizona’s business into its own which greatly increased the premium income. It is frequently less expensive to buy a company than to solicit new policies on a door-to-door basis.
Security National Life acquired American Alliance in 1969, and continued its growth in 1970 with the acquisition of Charter Oak Life Insurance Company in Arizona. Charter Oak Life Insurance Company was maintained as a separate entity for a number of years prior to its being folded into Security National Life Insurance Company itself.
Effective January 1, 1973, Security National Life entered into a bulk reinsurance agreement with National Capital Life of Arizona. We thereby reinsured all policies written by National Capital in force as of January 1, 1973. National Capital policies were also folded into Security National Life itself for the purposes of correspondence with our stockholders and policyholders.
In February 1973, Security National Life adds Columbia Life of Oregon, which allowed for the reorganization of that company and the acquisition of both the policies and stock by Security National Life Insurance Company. Columbia Life was merged with Washington Life Assurance Company as a wholly owned subsidiary of Security National Life Insurance Company under an agreement consummated in 1973.
In June 1974, Security National Life Insurance Company acquired control of Memorial Estates, Inc., a Utah corporation that had cemeteries and mortuaries in the Wasatch front area. Memorial Estates mortuaries and cemeteries continue as a wholly owned subsidiary of Security National Financial Corporation. They have grown in scope since the original acquisition.
In addition to the companies mentioned previously, Security National Life Insurance Company has acquired the business and in some cases, the stock from Bankers Trust of Phoenix, Arizona, Western Reserve Life, Cibola Life, and Southwest American Life Insurance companies all of Albuquerque, New Mexico. In 1979, Security National Life’s acquisitions allowed us to form SNL Financial Corporation. This formation of the holding company allowed us to more fully recognize, the value of the Company’s dissimilar assets and to continue growth in dissimilar market fields.
In 1990, SNL Financial Corporation chose, through the vote of its stockholders, to change its name to Security National Financial Corporation. The Board of Directors proposed this change for a variety of reasons. They felt that there was confusion in the capital markets and among certain shareholders as to the Company’s engagement as an insurance company and financial corporation rather than a savings and loan business. The name Security National Financial Corporation more accurately reflects the type of business in which the Company engages and allows for a broader financial market in which we can be recognized. This has proved distinctively to our advantage. It also has allowed us to expand into the mortgage business as well increased participation in the cemetery and mortuary fields.
In 1994, Security National Financial Corporation acquired Capital Investors Life Insurance Company of Tampa, Florida. In addition to the Capital Investors Life Insurance Company policyholders, we also administer some of the business acquired through reinsurance in Kennesaw Life and Accident Insurance Company.
In 1995, Civil Service Employees Life Insurance Company of San Francisco, California was acquired by Security National Life Insurance Company. Policies with Civil Service Employees Life Insurance Company are administered in the offices of Security National Life Insurance Company in Salt Lake City, Utah.
In December 1998, Southern Security Life Insurance Company was acquired through acquisition of a majority of stock. The company continues to be administered in Florida, with Security National Financial Corporation acquiring additional stock thereby consolidating the management and business practices of the company.
On January 1, 2003 Security National Life Insurance Company assumed through reinsurance all of the life insurance business, approximately 275,000 policies in the state of Mississippi of Acadian Life Insurance Company, which were originally acquired by Acadian from Gulf National Life Insurance Company in 2001.
On March 16, 2004, Security National Life Insurance Company acquired Paramount Security Life Insurance Company domiciled in the state of Louisiana. Paramount’s name has been changed to Security National Life Insurance Company of Louisiana.
With these two acquisitions Security National Life entered in to the Home Service market distribution system for life insurance sales. The Home Service market is a distribution system through which funeral homes market the company’s funeral insurance products. The customer may submit premiums to the company or pay their premiums at the funeral home or a licensed insurance agent representing the funeral home will collect the premiums for the customer.
Security National Life maintains an office in Jackson, Mississippi to service its customers in the Home Service market.
Security National Financial Corporation has a tradition of providing product and services at meet the needs of the families we serve. To quote our 1999 Annual Report, "Security National Financial Corporation, traditions from the past, taking you into the new millennium."