Reliance Standard Closes Acquisition of Standard Security Life Insurance of New York.
MANews-(C)2009-2022
Japan-based insurance, reinsurance and life insurance company Tokio Marine Group's (OTC: TKOMY) US-based Reliance Standard Life Insurance Company business has completed its acquisition of Standard Security Life Insurance Company of New York from Independence Holding Company (NYSE: IHC), Reliance said.
This deal was announced last April.
SSL is a provider of New York disability benefits law and statutory paid family leave insurance, with approximately one m covered employees across 60,000 employer groups, according to Reliance Standard president Chris Fazzini.
SSL will continue to operate as a wholly-owned subsidiary of Reliance Standard with SSL president Gary Balzofiore reporting to Fazzini. SSL, based in New York City, employs approximately 70 individuals.
Founded in 1907, Reliance Standard is in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that include group disability, life, accident, critical illness, hospital indemnity, dental, vision and limited benefit medical.
According to results1 for the year ending December 31, 2020, SSL is the sixth largest provider of New York DBL insurance. Reliance Standard finished the year as the 11th largest provider.
When combined, Reliance Standard will expand its book of business to approximately USD 44.4m, making it the third largest provider of NY DBL insurance.
Reliance Standard is in absence and employee benefits solutions including financial protection, absence management and supplemental...
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