Securian Financial Group, better known as Minnesota Life, has acquired OneAmerica Financial Group and its CNL Financial Corp. unit that manufactures and distributes loan protection coverage through financial institutions.
The deal includes some products manufactured by OneAmerica's American United Life Insurance Co. unit, based in Indianapolis.
Securian said the acquisition is part of its plans to build its distribution through financial institutions and the company plans to make CNL the focus of its property-casualty operations.
CNL's 1,000 financial institution clients broadens Securian's client base by 30% to 3,600 credit unions and banks. The deal closed May 1 for an undisclosed amount.
