ST. PAUL, Minn. – Securian Financial Group announced this afternoon it has completed the acquisition of another credit life insurance provider, expanding the market capacity by 25% for the nation’s third largest credit life insurer and second largest for credit unions.
The acquisition of American Modern Life Insurance Co. and its Southern Pioneer Life subsidiary from American Modern Insurance Group of Cincinnati follows Securian’s October deal for Balboa Life Insurance Co. and its credit life business from a subsidiary of Bank of America.
Securian will integrate American Modern Life’s credit life business into its credit protection business by June 30. American Modern Life’s products are similar to those currently offered by Securian, including credit life and disability insurance and debt protection programs provided through credit unions and banks.
Securian provides insurance, debt protection, loan documents and marketing services to more than 1,300 credit unions, and credit insurance to 1,280 credit unions.
