The New York investment firm that helped Federal Life Group Inc. raised capital is now helping National Guardian Life Insurance Company start a dental and vision benefits business.
Insurance Capital Group LLC is backing National Guardian Life’s new BrightBenefits division.
Insurance Capital Group helped Riverwoods, Illinois-based Federal Life demutualize and shift to a stock company charter in 2018.
National Guardian Life is a Madison, Wisconsin-based company that may be best known for its preneed insurance products and its EssentialLTC long-term care insurance policy.
The company will use its Commercial Travelers Insurance Company subsidiary to write the dental and vision policies.
Danny Bentley will be the president of BrightBenefits. Bentley previously was the president of Davis Vision. He also has helped Protective Life set up a voluntary dental benefits business.
Federal Life intends to make a “significant equity investment” in the program, once it gets regulatory approval to do so, National Guardian Life said earlier this week.
The Federal Life investment must be approved by the New York Department of Financial Services and the Wisconsin Office of the Insurance Commissioner, National Guardian Life said.
— Read NGL Expands Group Long-Term Care Insurance Service Area, on ThinkAdvisor.