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.