Standard Life has been owned and managed by members of the
Piercey family for more than 41 years.
One of the oldest midsize life insurers in the
United States is buying a smaller life insurer.
Manhattan Life Group Inc. announced earlier
this week that it is acquiring Standard Life and Casualty Insurance Company.
Manhattan Life Group, which now operates under
the ManhattanLife brand, is a Houston-based holding company that owns the
Manhattan Life Insurance Company and several other life insurers.
Manhattan Life was founded in 1850.
The ManhattanLife organization as a whole has
about $2.5 billion in assets. Its companies write products such as individual
life insurance, Medicare supplement insurance, individual annuities and
voluntary dental insurance.
Standard Life is a Salt Lake City-based life
insurer that was founded in 1946 and is now licensed in 29 states. It sells
products such as final expense arrangements, home health care plans, short-term
medical insurance, and critical illness insurance through independent brokers
and independent marketing organizations.
The company generates about $12.5 million in
annual premium revenue on $37 million in assets.
John Piercey bought the company 41 years ago.
He’s the chairman of the company, and his son, Brad Piercey, is the president
and chief executive officer.
Brad Piercey will continue be Standard Life’s
president, ManhattanLife says.
David Harris, the chief executive officer of
ManhattanLife, said in a comment included in the Standard Life deal
announcement that the deal will help ManhattanLife enter new markets.
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