US financial services and insurance company StanCorp Financial Group (the Standard) has completed the acquisition of Elevance Health‘s life and disability business.
This move is expected to enhance the Standard’s position in the US employee benefits market.
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Financial terms of the transaction, which was announced in March 2023, were not disclosed.
Elevance Health’s life and disability unit includes life, disability, accidental death and dismemberment, absence management and paid family leave businesses.
Under the agreement, a ten-year distribution partnership has also been established.
This will allow the Standard’s products and services to be offered to Elevance Health customers, with the Standard’s sales team and Elevance Health’s medical sales team working together to promote these offerings.
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By GlobalDataThe combined life and disability benefits businesses will continue to operate under the Standard brand.
It includes the integration of Elevance Health’s life and disability employees and operations into the Standard’s existing structure.
The Standard president and CEO Dan McMillan said: “This transaction is an important milestone in our growth in the employee benefits marketplace as well as the beginning of a new mutually beneficial partnership with Elegance Health.”
Elevance Health executive vice-president and president, commercial health benefits, Morgan Kendrick, said: “We look forward to our continued partnership with the Standard and value their expertise in the life and disability business. Together we are committed to ensuring a seamless transition for the customers we collectively serve.”
Based in Portland, Oregon, the Standard provides a range of products including group and individual disability insurance, group life, dental and vision insurance, voluntary benefits, paid family leave, absence management services, and retirement plans and annuities for both employers and individuals.
