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US monetary companies and insurance coverage firm StanCorp Monetary Group (the Commonplace) has accomplished the acquisition of Elevance Well being‘s life and incapacity enterprise.
This transfer is predicted to reinforce the Commonplace’s place within the US worker advantages market.
Monetary phrases of the transaction, which was introduced in March 2023, weren’t disclosed.
Elevance Well being’s life and incapacity unit contains life, incapacity, unintentional loss of life and dismemberment, absence administration and paid household depart companies.
Below the settlement, a ten-year distribution partnership has additionally been established.
This may enable the Commonplace’s services to be supplied to Elevance Well being prospects, with the Commonplace’s gross sales crew and Elevance Well being’s medical gross sales crew working collectively to advertise these choices.
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The mixed life and incapacity advantages companies will proceed to function underneath the Commonplace model.
It contains the mixing of Elevance Well being’s life and incapacity staff and operations into the Commonplace’s present construction.
The Commonplace president and CEO Dan McMillan mentioned: “This transaction is a crucial milestone in our development within the worker advantages market in addition to the start of a brand new mutually useful partnership with Magnificence Well being.”
Elevance Well being govt vice-president and president, industrial well being advantages, Morgan Kendrick, mentioned: “We sit up for our continued partnership with the Commonplace and worth their experience within the life and incapacity enterprise. Collectively we’re dedicated to making sure a seamless transition for the purchasers we collectively serve.”
Based mostly in Portland, Oregon, the Commonplace supplies a spread of merchandise together with group and particular person incapacity insurance coverage, group life, dental and imaginative and prescient insurance coverage, voluntary advantages, paid household depart, absence administration companies, and retirement plans and annuities for each employers and people.
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