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Securian Casualty Company (SCC), SFG's primary property and casualty underwriting company, was upgraded to A (Excellent, third highest of 16 ratings). In its upgrade announcement, A.M. Best cited SCC's role "as a more integral part of Securian as it has enabled the parent to deliver a broad range of credit insurance product offerings and services to the financial institution market nationwide."
SCC provides a number of loan protection products, including collateral protection insurance (CPI), debt cancellation, guaranteed asset protection (GAP), credit property, and blanket vendor single interest (BVSI).
In addition, Securian's recently acquired life and health company, Southern Pioneer Life Insurance, was upgraded by Best's to A- and Best's affirmed the A- ratings of American Modern Life, Balboa Life Insurance Company, Balboa Life Insurance Company of New York, Cherokee National Life and CNL/Insurance America. Best’s A- rating is Excellent, fourth highest of 16 ratings.
Each of these companies provides products in the financial institution marketplace and joined the SFG family through acquisition.
“These acquisitions reflect Securian’s commitment to and focus on the financial institution market,” said Christopher Hilger, president, Securian Financial Group. “The ratings upgrades and affirmations underscore Securian's success in integrating these companies to better serve the financial institution market.”
Securian's largest subsidiary, Minnesota Life Insurance Company, which serves multiple markets including the financial institution market, had its A+ rating (Superior, second highest of 16 ratings) affirmed by Best's.
Since 1880, Securian Financial Group 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, including Minnesota Life Insurance Company and Securian Casualty Company, a New York admitted insurer.
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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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