One of the oldest midsize life insurers in the United States is buying a smaller life insurer.
Manhattan Life Group Inc. announced earlier this week that it is acquiring Standard Life and Casualty Insurance Company.
Manhattan Life Group, which now operates under the ManhattanLife brand, is a Houston-based holding company that owns the Manhattan Life Insurance Company and several other life insurers.
Manhattan Life was founded in 1850.
The ManhattanLife organization as a whole has about $2.5 billion in assets. Its companies write products such as individual life insurance, Medicare supplement insurance, individual annuities and voluntary dental insurance.
Standard Life is a Salt Lake City-based life insurer that was founded in 1946 and is now licensed in 29 states. It sells products such as final expense arrangements, home health care plans, short-term medical insurance, and critical illness insurance through independent brokers and independent marketing organizations.
The company generates about $12.5 million in annual premium revenue on $37 million in assets.
John Piercey bought the company 41 years ago. He’s the chairman of the company, and his son, Brad Piercey, is the president and chief executive officer.
Brad Piercey will continue be Standard Life’s president, ManhattanLife says.
David Harris, the chief executive officer of ManhattanLife, said in a comment included in the Standard Life deal announcement that the deal will help ManhattanLife enter new markets.
— Read Why Post-COVID-19 Operations at a Small Life Insurer Look OK: Idea File, on ThinkAdvisor.