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ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group on January 1 closed its purchase of American Modern Life Insurance Company (AMLIC) and its subsidiary, Southern Pioneer Life Insurance Company (SPLIC), from American Modern Insurance Group, Cincinnati, OH.
The acquisition increases the scale of Securian’s credit protection business by 25 percent. Securian will integrate the acquired business into its credit protection operations by June 30. 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.
“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, president, Securian Financial Group, Inc.
This acquisition affirms Securian’s commitment to the financial institution market. In October, Securian announced completion of 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.
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
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