Continuing to take advantage
of rationalisation in the US insurance market, mutual financial
services company Securian Financial Group is to acquire American
Modern Life Insurance Company and its subsidiary Southern Pioneer
Life Insurance Company, from American Modern Insurance Group (AMIG)
for an undisclosed sum.
AMIG’s primary focus is on
specialty products in the general insurance market.
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Securian noted that products
of the two companies being acquired are similar to products it
already offers and include credit life and disability insurance and
debt protection programmes provided to customers of financial
institutions.
According to the Consumer
Credit Industry Association, Securian is the third-largest
underwriter of credit life and disability insurance in the US based
on direct written premium income.
The deal with AMIG follows
Securian’s announcement in July 2011 that it was to acquire Balboa
Life Insurance Company from Bank of America for an undisclosed
sum.
The acquired companies will
join Securian’s existing line up of subsidiaries, including
Securian Life, Minnesota Life, Cherokee National Life and
CNL/Insurance America.
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By GlobalDataSecurian claims to be the
fifth-largest and fastest growing provider of group life insurance
in the US.
At the end of March 2011,
Securian had $740bn of life insurance in force and managed total
assets of $32.7bn.
