Japan’s Meiji Yasuda Life Insurance has completed the acquisition of the US-based StanCorp Financial Group, for about $5bn.
Under the deal, which was first announced in July 2015, Meiji Yasuda acquired all outstanding shares of StanCorp by paying $115.00 per share in cash.
StanCorp now operates as a subsidiary of Meiji Yasuda.
Based in Portland of Oregon, StanCorp provides insurance, retirement and investment products and services.
The firm’s subsidiaries include Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities.
They provide group and individual disability insurance, group life and accidental death and dismemberment insurance products.
The subsidiaries also provide group dental and group vision insurance, absence management services, retirement plans products and services, individual annuities, and origination and servicing of fixed-rate commercial mortgage loans.
At the time of acquisition, StanCorp president and CEO Greg Ness said: "This transaction is an exciting milestone for The Standard and a testament to the strength of our team, financial performance, differentiated customer service and respected brand."
Based in Tokyo, Meiji Yasuda offers different group and individual life insurance products, in addition to the bancassurance and group annuity products in Japan. The company also provides its products and services in the US, Poland, China, Indonesia, and Thailand.
Image: Meiji life insurance building in Marunouchi, Tokyo, Japan. Photo: courtesy of Volfgang.