In 1997, it formed a mutual insurance holding company, Acacia Mutual Holding Company of Washington, D.C. In that process, Acacia Life became a stock life insurance company wholly owned by its parent holding company.
In 1999, the Acacia Mutual Holding Company merged with Ameritas Mutual Insurance Holding Company. The latter had been formed in 1998 by the Ameritas Life Insurance Company of Lincoln, Nebraska which had been established as a mutual life insurer in 1887. The new organization became Ameritas Acacia Mutual Holding Company. It was the first time two mutual life insurance holding companies had merged in the modern era.Template:Fact Organizationally, Ameritas Acacia Mutual Holding Company became the parent company with ownership of Ameritas Holding Company. The latter company, in turn, became the owner of 100% of the stock of both Ameritas Life Insurance Corporation and Acacia Life Insurance Company, which became stock life insurance companies.
On January 1, 2006, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company of Cincinnati, Ohio and became UNIFI Mutual Holding Company. Union Central Life was originally established as a mutual life insurance company in 1867 and had formed its own mutual insurance holding company in 2005.