Standard Insurance Co. has agreed to acquire the retirement record-keeping business of Securian Financial Group. Terms of the deal, which is expected to close before the end of the year, were not disclosed.
Securian’s pension-risk transfer and institutional retirement businesses are not included in the sale.
Standard, based in Portland, Oregon, has offered retirement plans since 1982, with an emphasis on small to midsize plans. Securian, based in St. Paul, Minnesota, offers similar retirement record-keeping administration, compliance and fiduciary services.
As of Sept. 30, Securian retirement plans served companies with $17 billion in total assets under administration, compared to $29.3 billion for Standard.
"We have been studying retirement plan growth opportunities in the U.S. market for some time, and Securian Financial stood out as a like-minded partner focused on customer-first service and deep relationships with plan sponsors and key distribution partners alike," Dan McMillan, president and CEO of Standard, said in a statement.
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