Press
Securian Buys Two More Insurers In The Financial Institution Market
Contact: Maggie Jensen, Media Relations Consultant, 651-665-7558
St. Paul, MN, August 18, 2011 – Securian Financial Group, Inc. is acquiring American Modern Life Insurance Company (AMLIC) and its subsidiary, Southern Pioneer Life Insurance Company (SPLIC), from American Modern Insurance Group, Cincinnati, OH. The transaction is expected to close by the end of the year following regulatory approval.
The acquisition will increase the scale of Securian’s credit protection business by 25 percent. Securian will integrate the acquired business into its St. Paul operations in 2012. American Modern will provide transition services until integration is complete.
AMLIC and SPLIC’s products are similar to those offered by Securian, including credit life and disability insurance and debt protection programs provided to customers of financial institutions.
With more than 50 years of experience in the financial institution market, Securian is the third largest underwriter of credit life and disability insurance in the United States measured in direct written premium according to the Consumer Credit Industry Association (CCIA).
“Building on Securian’s leadership position in the financial institution market, this acquisition expands our presence and gives us the opportunity to serve new clients and distributors,” said Christopher Hilger, executive vice president, Securian Financial Group, Inc.
In July, Securian announced its acquisition of Balboa Life Insurance Company and Balboa Life Insurance Company of New York.
Securian Financial Group provides 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.