NU Online News Service, Feb. 10, 2004, 3:28 p.m. EST – Ohio National Life Insurance Company loves New York.[@@]
The Cincinnati insurer has agreed to acquire a marketing partner, Security Mutual Life Insurance Company of New York, Binghamton, N.Y., for a price that was not disclosed.
Ohio National hopes to complete the deal by the end of the year.
Before Ohio National can close on the acquisition, Security Mutual must get permission from New York state regulators and its own policyholder-owners to convert to a stock charter. The Security Mutual policyholders will receive cash compensation for their stake in the company.
Acquiring Security Mutual “gives us a footprint in the New York market,” says Ohio National spokesman Adrienne Stanley Gutbier.
At the end of 2003, Ohio National had more than $18.2 billion in assets, and Security Mutual had $1.7 billion in assets.
Security Mutual sells life insurance, retirement planning services and estate planning services.
Ohio National and Security Mutual teamed up in 2002 to acquire First ING Life Insurance Company of New York from a U.S. unit of ING Groep N.V., Amsterdam. The companies turned First ING into National Security Life and Annuity Company, a company that sells variable insurance products in New York through Security Mutual and Ohio National distribution channels.