Renaissance Life & Health Insurance Company of America has agreed to acquire Security Mutual Life Insurance Company of New York’s group life, disability and accident insurance division.
As part of the transaction, Security Mutual will transfer its group life, disability, and accident insurance division to Renaissance while Renaissance will offer dental and vision plans to Security Mutual.
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As a result, Renaissance has relocated its corporate headquarters from New York City to 2 Court Street in Binghamton.
Renaissance president and CEO Robert Mulligan said: “This transaction demonstrates our strategic commitment to broaden and enhance our insurance product offerings and position our company as a multi-line ancillary insurance leader.
“We believe the addition of Security Mutual’s group operation will create a seamless buying and service experience for our key customer segments, which include brokers and the employers and employees they trust us to insure.”
Commenting on the deal, Security Mutual chairman, president and CEO Bruce Boyea said: “It will enhance the ability of each company to serve the diverse and emerging insurance needs of their customers throughout the US and promote employment in Greater Binghamton.”
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