Securian to Acquire American Modern Insurance Co. and its Subsidiary

In early July, INN reported Securian Financial Group Inc.’s planned purchase of Balboa Life Insurance Company (BLIC) and Balboa Life Insurance Company of New York (BLICNY) from a subsidiary of Bank of America.

Securian is announcing another acquisition—American Modern Life Insurance Company (AMLIC) and its subsidiary, Southern Pioneer Life Insurance Company (SPLIC), from American Modern Insurance Group. The transaction is expected to close by the end of the year following regulatory approval.

Securian expects the acquisition to increase the scale of its credit protection business by 25 percent and will integrate the acquired business into its St. Paul operations in 2012. 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, the insurer said.