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Standard Insurance Co. has entered into a definitive agreement to buy Securian Financial Group’s pension plan recordkeeping business, The Standard announced in a news release on Tuesday.
The acquisition is expected to close this year. The price and other terms of the deal are not being shared publicly, a Standard spokeswoman said.
The Portland, Ore.-based insurer positioned the transaction as a way to expand the size and competitiveness of its pension offerings in the U.S. and accelerate diversification and growth in its pension recordkeeping business. In addition, the companies’ complementary products, distribution networks and geographic footprints will help expand their relationship with plan sponsors, The Standard reported.
“We have been exploring retirement plan growth opportunities in the US 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. The Standard’s president and CEO said in a news release.
As of Sept. 30, The Standard had a total of $29.3 billion under management, while Securian Financial had $17 billion, according to the news release. Neither company is disclosing the number of plan sponsor clients they serve.
As part of the transaction, Securian’s financial staff, sales team and management supporting the recordkeeping business will join The Standard. Businesses maintaining a combined pension register will operate under The Standard brand.
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