Securian Completes Acquisition of Life Insurance Companies from Bank of America
October 4, 2011 by N/A
| Copyright: | Copyright Business Wire 2011 |
| Source: | Business Wire, Inc. |
| Wordcount: | 302 |
ST. PAUL, Minn.–(BUSINESS WIRE)– Securian Financial Group, Inc. closed its purchase of Balboa Life Insurance Company and Balboa Life Insurance Company of New York from a subsidiary of Bank of America.
“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. The integration of the Balboa Life business with Securian’s St. Paul headquarters operation is underway and scheduled for completion March 31, 2012.
“Securian is actively looking for more opportunities to acquire businesses that support our strategy of increasing our presence in the financial institution market,” added Hilger. This is one of two acquisitions Securian announced this summer, the other being American Modern Life Insurance Company and its subsidiary Southern Pioneer Life.
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.
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.
For Securian Financial Group, Inc.Maggie Jensen, 651-665-7558
Media Relations Consultant
Source: Securian Financial Group, Inc.
