Baton Rouge-based Guaranty Income Life Insurance Co. is being acquired by Kuvare US Holdings Inc. for an undisclosed price.

The deal, which is subject to approval from the Louisiana Department of Insurance, is set to close in several months. GILICO will remain based in Baton Rouge, along with its management team and staff, and the company name and organizational structure will remain the same, Kuvare said.

GILICO, founded in 1926, is licensed to do business in 31 states, marketing individual fixed annuities and universal life products. It has about 20 employees.

It’s the largest subsidiary of Guaranty Corp., the nearly 90-year-old Baton Rouge business. The pending sale will not affect its other businesses, which includes five local radio stations, senior living facility management and commercial real estate, said Flynn Foster, president of Guaranty Corp. Guaranty Corp. has about 90 employees.

Foster said Chicago-based Kuvare will take GILICOs legacy and build upon it, adding employees and financial capital to grow the business.

“Kuvare’s decision to keep GILICO headquartered in Baton Rouge with its employees remaining a part of the company is a testament to the great team we have,” Foster said. “For us, it’s a win-win.”

Kuvare partners and invests with small and medium-sized insurance companies to develop growth opportunities.