A Florida company plans to acquire Colonial Penn.

FPL Group, the parent of Florida Power & Light Co., said that, under the merger agreement, it expects to acquire Colonial Penn Group for $565 million. FPL said holders of the Philadelphia-based insurance company will receive $35 in cash for each common share; there are 16.14 million shares outstanding. The merger, expected to be completed by the end of the year, is subject to the approval of Colonial Penn’s shareholders and certain regulatory conditions.