Securian Financial Group Inc. is acquiring American Modern Life Insurance Company and an American Modern subsidiary, Southern Pioneer Life Insurance Company, from American Modern Insurance Group Inc.
Securian, St. Paul, Minn., is a large player in the credit life and credit disability market.
American Modern, Amelia, Ohio, has focused mainly on selling property-casualty insurance.
The companies are not saying how much Securian is paying for the two life companies, but they say hope to close on the deal by the end of the year.
The deal should increase the size of Securian’s credit protection business by 25%, Securian says.
In other business growth news:
- CIGNA Corp., Philadelphia (NYSE:CI), says it will sell supplemental health, life and accident insurance in Turkey.
CIGNA Hayat Sigorta S.A., Istanbul, a new CIGNA unit, will distribute the products through affinity groups, the Internet, direct-response television and other direct channels, the company says.
- United Benefit Advisors L.L.C. (UBA), Indianapolis, a support group for independent benefits advisory firms, has added Connelly, Carlisle, Fields & Nichols, Clearwater, Fla., as a member.
UBA has 145 member firms altogether and 7 in Florida.
- Healthways Inc., Nashville, Tenn. (Nasdaq:HWAY), has announced a 5-year extension of its wellness relationship with Wellmark Blue Cross Blue Shield, a unit of Wellmark Inc., Des Moines, Iowa.
Wellmark has worked with Healthways, a wellness firm, to run a wellness program for Iowa residents.
- Internet Pipeline Inc., Exton, Pa., says it will building the XRAE underwriting engine from Rolling Solutions L.L.C., Danville, Calif., into the iPipeline term quote engine.
- Allison Bell