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Securian Adds 1.5M Customer Relationships in Canada: Deals

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What You Need to Know

  • Securian is buying affinity and credit life businesses from Sun Life.
  • The Apollo-Athene combination has a market cap of $43 billion.
  • Aquarian now has a life insurance company in New York state.

Securian Financial is continuing to expand up north.

The St. Paul, Minnesota-based life and financial services company recently announced that its Toronto-based Canadian Premier Life Insurance Co. subsidiary has agreed to acquire association, affinity and credit group insurance businesses in Canada from Sun Life Assurance Co., an arm of Sun Life Life Financial.

The businesses serve about 100 organizations and 1.5 million insureds.

Canadian Premier plans to hire the Sun Life employees who run the businesses, Securian said.

Securian acquired Canadian Premier in 2017, and Canadian Premier acquired a block of business in Canada from Gerber Life Insurance Co. in 2020.

Securian’s Securian Canada business acquired Armour Group, a London, Ontario-based specialty property and casualty products distributor in Canada, in September 2021.

In other life and annuity insurer deal news, Apollo Global Management has closed its merger with Athene Holding, and Aquarian Holdings has closed on its acquisition of Pavonia Life Insurance Co. of New York.

Apollo and Athene

Apollo — a New York-based investment company — has closed on its previously announced $11 billion merger with Athene, an annuity issuer and reinsurer based in Hamilton, Bermuda.

Apollo already owned a large stake in Athene. Some investors had concerns about the ownership structure.

The combined company now has a simpler ownership structure and a market capitalization, or total stock value, of $43 billion, Apollo says.

The changes should make Apollo eligible for inclusion in the S&P 500 stock index, the company says.

Apollo is the parent company, with stock trading on the New York Stock Exchange under the symbol APO.

Marc Rowan is the CEO of the combined company.

Jim Belardi, who was the CEO of Athene, continues to lead Athene.

Aquarian and Pavonia

Aquarian Holdings — a New York-based investment company — has completed previously announced plans to acquire Pavonia Life Insurance Co. from a subsidiary of Enstar Group Ltd.

Enstar is a Hamilton, Bermuda-based company that buys insurers and reinsurers that are no longer issuing new coverage.

Aquarian is also the parent of Investors Heritage Life Insurance Co.

The closing of the deal gives Aquarian and Investors Heritage Life a company they can use to write life insurance and annuities in New York state.