First Guaranty Insurance Co., a Baton Rouge-based life insurance company, is being acquired by Utah-based Security National Financial Corp. for $6.8 million under an agreement announced Tuesday.

First Guaranty is owned by Reppond Holding Co. of Ashdown, Arkansas.

As of Dec. 31, First Guaranty had 37,069 policies in force and 320 agents, according to the purchase agreement filed with the U.S. Securities and Exchange Commission. In 2015, the company posted a $724,000 loss on revenue of $8.1 million.

The deal must be approved by the Louisiana Department of Insurance.

Security National has three main business segments: life insurance, mortgage banking, and cemeteries and mortuaries.