Ameritas Life Insurance has agreed to acquire Security Life Insurance Company of America and Security Health Insurance Company of America, New York.
Based in Minnetonka of Minnesota, Security Life is specialized in the ancillary benefits market, offering dental and vision insurance products and services to consumers and employee groups.
Security Life president and CEO Mark Zesbaugh said: "We are excited to be a part of the Ameritas family, as this transaction combines our unique operating capabilities and extensive distribution network with Ameritas’ financial strength, excellent operating performance and vast dental network."
Focused on individual insurance and small to mid-size employer group business, Security Life provides product in all 50 states of the US.
With around 105 employees, the company has GAAP assets of about $132.6m.
Working with Security Life’s general agent distribution network, Ameritas Life’s group division will manage existing dental and vision business of Security Life.
Ameritas group division president Ken VanCleave said: "Their agency structure and small group market focus is the perfect complement to our broad dental and vision products and services offering.
"We’re looking forward to bringing the two together to increase the customer base and financial vitality for everyone involved."
Subject to regulatory approval, the deal is expected to complete by the end of this year.
Ameritas Life Insurance, through its subsidiaries, offers a wide range of insurance and financial services to its customers across the US.
The firm provides life insurance, annuities, group dental, vision and hearing care insurance, individual disability income insurance, retirement plans, investments and public finance services.
Image: Security Life provides dental and vision insurance products and services. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.