Insurer Buys 1.09 Million Shares in Spear Financial

A Boston-based life insurance company bought a 15.7% stake in Spear Financial Services, a discount brokerage firm headquartered in Glendale.

In a filing with the Securities and Exchange Commission, Keystone Provident Life Insurance Co. said it purchased 1.09 million of Spear Financial’s common shares. The purchase price was not disclosed.

Keystone said it bought the stock “in the ordinary course of its business” and has no plans to seek control of the company. In the first half of 1989, Spear earned $43,569 on revenue of $10.1 million.