Guggenheim Life and Annuity Company has agreed to reinsure policies originally issued by Standard Life, take over the Standard Life offices in Carmel, Ind., and guarantee employment for Standard Life’s 55 employees for at least 18 months, according to Indiana Insurance Commissioner Stephen Robertson.
The deal is subject to approval by a state court in Marion County, Ind.
Indiana regulators believe the transaction will protect the full cash value of customers’ policies and not lead to additional costs for Indiana taxpayers, Robertson says.
Guggenheim Partners, Chicago, the privately held parent of Guggenheim Life, acquired Security Benefit, Topeka, Kan., earlier this year. Security Benefit is the parent of Security Benefit Life Insurance Company, a 403(b) retirement plan services business and the Rydex-SGI money management firm.
Jeffrey Lange is the chief executive officer of Guggenheim Life.
The board of Standard Life agreed to turn control of the company over to Indiana insurance regulators in December 2008.