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US monetary companies and insurance coverage firm StanCorp Monetary Group (the Customary) has accomplished the acquisition of Elevance Well being‘s life and incapacity enterprise.
This transfer is predicted to boost the Customary’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, unintended demise and dismemberment, absence administration and paid household go away companies.
Below the settlement, a ten-year distribution partnership has additionally been established.
This may enable the Customary’s services to be supplied to Elevance Well being clients, with the Customary’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 below the Customary model.
It contains the mixing of Elevance Well being’s life and incapacity staff and operations into the Customary’s present construction.
The Customary president and CEO Dan McMillan mentioned: “This transaction is a vital milestone in our development within the worker advantages market in addition to the start of a brand new mutually useful partnership with Class Well being.”
Elevance Well being govt vice-president and president, business well being advantages, Morgan Kendrick, mentioned: “We sit up for our continued partnership with the Customary 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.”
Primarily based in Portland, Oregon, the Customary gives a variety of merchandise together with group and particular person incapacity insurance coverage, group life, dental and imaginative and prescient insurance coverage, voluntary advantages, paid household go away, absence administration companies, and retirement plans and annuities for each employers and people.
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