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Securian buys Life Insurance Companies From Bank Of America

Contact: Maggie Jensen, Media Relations Consultant, 651-665-7558

 

St. Paul, MN, July 8, 2011 – Securian Financial Group, Inc. is acquiring Balboa Life Insurance Company (BLIC) and Balboa Life Insurance Company of New York (BLICNY) from a subsidiary of Bank of America. Pending regulatory approval, the transaction is expected to close October 1, 2011.

Securian is a leading provider of products and services in the financial institution market. The acquired companies’ products include mortgage accidental death insurance, accidental death and dismemberment coverage and
individual term life insurance, all of which Securian offers.

“This acquisition increases the scale of our financial institution business and further demonstrates our commitment to this marketplace,” said Christopher Hilger, executive vice president, Securian Financial Group. “As
providers exit the market, we view this as an opportunity to increase our presence.”

Securian will integrate the Balboa Life businesses into its St. Paul headquarters operations in 2012.

Securian Financial Group, Inc. has served financial institutions for more than 50 years, providing insurance, debt protection, loan documents, and marketing services to more than 4,000 financial institutions across the
United States.

Since 1880, Securian and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that
offer a broad range of financial services: Minnesota Life Insurance Company , Advantus Capital Management, Allied Solutions, LLC, Capital Financial Group, Cherokee National Life Insurance Company, CNL/Insurance America, Personal Finance Company, Securian Financial Services, Inc., Securian Casualty Company, Securian Life Insurance Company and Securian Trust Company.


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