Securian Financial Group has completed the acquisition of American Modern Life Insurance Company (AMLIC) and its subsidiary, Southern Pioneer Life Insurance Company (SPLIC), from American Modern Insurance Group.
Securian said the acquisition expands the scale of its credit protection business by 25% and will integrate the acquired business into its credit protection operations by 30 June 2012.
American Modern will provide transition services until integration is complete.
The products offered by AMLIC and SPLIC are similar to those offered by Securian, including credit life and disability insurance and debt protection programs provided to customers of financial institutions.
Securian Financial Group president Christopher Hilger said building on Securian’s leadership position in the financial institution market, the acquisition expands the presence and gives the opportunity to serve new clients and distributors.