Securian Acquires CNLFinancial

May 02, 2006, 1:00 a.m. EDT 1 Min Read

ST. PAUL, Minn. - (05/01/06) -- Securian Financial Group, betterknown as Minnesota Life, announced Monday it has acquiredOneAmerica Financial Group and its CNL Financial Corp. unit thatmanufactures and distributes loan protection coverage throughfinancial institutions. The deal includes some productsmanufactured by OneAmerica's American United Life Insurance Co.unit, based in Indianapolis. Securian said the acquisition is partof its plans to build its distribution through financialinstitutions and the company plans to make CNL the focus of itsproperty-casualty operations. CNL's 1,000 financial institutionclients broadens Securian's client base by 30% to 3,600 creditunions and banks. The deal closed May 1 for an undisclosedamount.

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