Licensed in 29 states, Standard Life and Casualty Insurance offers medical, life, disability and supplemental health insurance
ManhattanLife to acquire Standard Life and Casualty. (Credit: Tumisu from Pixabay)
US-based insurance company ManhattanLife has signed a deal to acquire Standard Life and Casualty Insurance, an insurance agency based in Salt City, Utah, for an undisclosed price
The acquisition will help ManhattanLife in expanding its presence across the US, while complementing its product offerings.
Standard Life and Casualty has been operating since more than six decades, catering to individuals, businesses, school districts, universities, and city, county and state governments with its insurance products and service.
The company, which is licensed in 29 states, offers medical, life, disability and supplemental health insurance.
On the other hand, ManhattanLife, which was founded in 1870, has been offering individual life and health insurance, voluntary benefits, medicare supplements and annuities. The company operates through four charters, which include Manhattan Life, ManhattanLife Assurance, Western United Life, and Family Life.
ManhattanLife CEO David Harris said: “This acquisition significantly broadens our multi-channel product platform and allows us access into markets that we’ve been eager to enter.
“Further, we have had a decade-long presence in the Senior Market and this partnership greatly enhances our product portfolio in that space.”
ManhattanLife said that through the deal, it will gain $37m in assets and also $12.5m in annual revenue of Standard Life and Casualty from writing final expense, home health care, short-term medical, and critical illness policies via independent brokers and independent marketing organisations.
Standard Life and Casualty management comments on joining ManhattanLife
Standard Life and Casualty president Brad Piercey said: “ManhattanLife has been on our radar and I’m sure other’s as well over the years as we’ve watched them grow both organically and through acquisitions.
“From our very first conversation it was clear that Standard Life and ManhattanLife could forge a partnership built around a common culture. Maintaining our marketing and sales functions in Salt Lake City while being able to leverage other resources within the ManhattanLife framework will fuel our growth and we couldn’t be happier with this alliance.”
The acquisition will be subject to receiving the relevant regulatory approval.