Hearings set in Security Benefit sale

Kansas Insurance Commissioner Sandy Praeger has scheduled an April 28 public comment meeting and a May 5 evidentiary meeting for the proposed sale of Security Benefit Corp.

Both hearings will begin at 9 a.m. at the Ramada Hotel and Convention Center in Topeka.

Topeka-based Security Benefit Corp. and its subsidiaries, including Security Benefit Life Insurance Co., would be sold to investors led by Guggenheim Partners, a financial services firm.

The transaction was announced in mid-February and involved an initial $175 million of capital for Security Benefit Life Insurance Co., secured by a loan to SBC, Praeger's office said. A total $400 million investment is called for by the Guggenheim-led investor group, with the remaining $225 million to be invested at the transactions' closing.

The sale requires regulatory and policyholder approval.