Securian Financial Group, a provider of insurance, debt protection, loan documents and marketing services, has purchased American Modern Life Insurance Co. (AMLIC) and its subsidiary, Southern Pioneer Life Insurance Co. (SPLIC), from American Modern Insurance Group.
Securian says the acquisition increases the scale of its credit protection business by 25 percent. The company 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 as well as debt protection programs provided to customers of financial institutions.
Securian says this acquisition affirms its commitment to the financial institution market. In October, Securian acquired Balboa Life Insurance Co. and Balboa Life Insurance Co. of New York.
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