Standard Insurance acquires Securian Financial’s retirement plan record business

Standard Insurance has reached a definitive agreement to acquire Securian Financial Group’s retirement plan records business, the Standard Insurance Company announced in a news release on Tuesday.

The acquisition is expected to close this year. A spokesman for The Standard said the price and other terms of the deal were not made public.

The Portland, Oregon-based insurer positioned the transaction as a way to expand the size and competitiveness of its retirement products in the U.S. and accelerate the diversification and growth of its retirement record-keeping business. In addition, the complementary products, distribution networks and geographic footprints of the two companies will help expand relationships with program sponsors, The Standard said.

“We have been studying retirement plan growth opportunities in the U.S. market for some time, and Securian Financial stands out as a like-minded partner focused on customer-first service and deep relationships with plan sponsors and distribution partners,” said Dan McMillan, President and CEO of The Standard in a press release.

If or September. As of the 30th, The Standard had total assets under management of $29.3 billion, while Securian Financial had total assets under management of $17 billion, according to the press release. Neither company has disclosed the number of program sponsor clients they serve.

As part of the transaction, Securian Financial’s employees, sales force and management supporting the record keeping business will join The Standard. The combined retirement record keeping business will operate under the brand name The Standard.

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