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StanCorp Closes on TIAA Group Life Business

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NU Online News Service, Oct. 1, 8:43 p.m. – StanCorp Financial Group Inc., Portland, Ore., says its Standard Insurance Company unit has completed previously announced plans to acquire the group life and group disability insurance business of the Teachers Insurance and Annuity Association of America, New York, for $75 million.

Standard implemented the acquisition through a reinsurance arrangement. New York state regulators approved the deal Monday.

The acquired business includes 1,800 group insurance contracts that cover 650,000 insured lives and generate $180 million in annual premium revenue.

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