{"id":476973,"date":"2021-04-15T09:03:32","date_gmt":"2021-04-15T13:03:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\/"},"modified":"2021-04-15T09:03:32","modified_gmt":"2021-04-15T13:03:32","slug":"reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\/","title":{"rendered":"Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer"},"content":{"rendered":"<p>        <!--.bwlistdecimal { list-style-type: decimal; }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer<\/b><\/p>\n<p><b>Transaction will add Standard Security Life Insurance Company of New York<\/b><\/p>\n<p>PHILADELPHIA&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nReliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals. Once the acquisition is completed, Reliance Standard will be the third largest provider of New York Disability Benefit Law (DBL) insurance, with roughly 10% of the market.<sup>1 <\/sup><\/p>\n<p>\nFounded in 1907, Reliance Standard is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that include group disability, life, accident, critical illness, hospital indemnity, dental, vision, medical stop loss and limited benefit medical. Reliance Standard also operates in the fixed annuity market space, including indexed annuities. The group benefits segment wrote approximately $1.39 billion in gross premium in 2020. Reliance Standard is rated A++ (Superior) by A.M. Best and A+ (Strong) by Standard &amp; Poor\u2019s.\n<\/p>\n<p>\nFounded in 1957, Standard Security Life is a leading provider of New York DBL and statutory paid family leave (PFL) insurance and a member of the Independence Holding Company Group. With $122 million in gross written premium in 2020, SSL insures approximately one million employees across 60,000 employer groups. Standard Security Life is rated A- (Excellent) by A.M. Best.\n<\/p>\n<p>\nUnder the terms of the proposed acquisition, SSL will operate as a wholly-owned subsidiary of Reliance Standard with SSL President Gary Balzofiore reporting to Chris Fazzini, president and CEO, group benefits, of Reliance Standard.\n<\/p>\n<p>\n\u201cWe are excited about adding the scale and expertise we found at Standard Security Life to the Reliance Standard family,\u201d Fazzini said. \u201cIn an era of unprecedented growth and dynamism in the statutory disability and paid leave space, we are fully committed to expanding our service to employers in New York and beyond.\u201d\n<\/p>\n<p>\nTogether with Matrix Absence Management, one of the leading absence management TPAs in the U.S., Reliance Standard markets leave management solutions nationwide, regardless of jurisdiction and funding mechanism.\n<\/p>\n<p>\n\u201cLooking at SSL\u2019s leadership and effectiveness in the New York statutory market and Reliance\u2019s long-term, holistic approach to disability and leave, it really does seem like an ideal match,\u201d said David Kettig, president and COO of Independence Holding Company. \u201cI believe this combination will yield benefits for SSL\u2019s agents, brokers and clients.\u201d\n<\/p>\n<p>\nAccording to results<sup>1<\/sup> for the year ending December 31, 2020, Standard Security Life is the sixth largest provider of New York DBL insurance. Reliance Standard finished the year as the 11<sup>th<\/sup> largest provider. When combined, Reliance Standard will expand its book of business to approximately $44.4 million, making it the third largest provider of NY DBL insurance. The parties are seeking to complete the transaction during the third quarter of 2021, subject to obtaining regulatory approvals and other closing conditions.\n<\/p>\n<p>\nWaller\u00a0Helms Advisors acted as financial advisor to Reliance Standard and Sullivan &amp; Cromwell LLP provided external legal counsel in connection with this transaction.\n<\/p>\n<ol class=\"bwlistdecimal\">\n<li><b><i>Smith Group 2020 DBL Market Share Survey<\/i><\/b><\/li>\n<\/ol>\n<p><b>About Reliance Standard<\/b><\/p>\n<p>\nReliance Standard is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that include disability, life, accident, critical illness, hospital indemnity, dental, vision, medical stop loss and limited benefit medical. Reliance Standard markets these solutions nationwide through independent brokers and agents to employers of all sizes. With sister company Matrix Absence Management, Reliance Standard provides comprehensive absence solutions including management of federal and state leave of absence and paid leave of absence programs, ADA and employer-specific leave programs. Reliance Standard was founded in 1907 in Chicago, IL and is rated A++ (Superior) by A.M. Best.\n<\/p>\n<p><b>About Tokio Marine Group<\/b><\/p>\n<p>\nReliance Standard and Matrix Absence Management are both members of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group\u2019s main operating subsidiary, Tokio Marine &amp; Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.\n<\/p>\n<p><b>About The IHC Group<\/b><\/p>\n<p>\nFormed in 1980, Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and\/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries (Independence Holding Company and its subsidiaries collectively referred to as \u201cThe IHC Group\u201d).\u00a0 The IHC Group consists of three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company).\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210415005070r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210415005070\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210415005070\/en\/<\/a><\/span><\/p>\n<p>\nDavid Gittelman<br \/>\n<br \/>Vice President, Marketing Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:David.Gittelman@rsli.com\">David.Gittelman@rsli.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Pennsylvania<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Insurance Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210415005070\/en\/807701\/3\/RSLI-RGB-Tokio.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer Transaction will add Standard Security Life Insurance Company of New York PHILADELPHIA&#8211;(BUSINESS WIRE)&#8211; Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals. Once the acquisition is completed, Reliance Standard will be the third largest provider of New York Disability Benefit Law (DBL) insurance, with roughly 10% of the market.1 Founded in 1907, Reliance Standard is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476973","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer Transaction will add Standard Security Life Insurance Company of New York PHILADELPHIA&#8211;(BUSINESS WIRE)&#8211; Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals. Once the acquisition is completed, Reliance Standard will be the third largest provider of New York Disability Benefit Law (DBL) insurance, with roughly 10% of the market.1 Founded in 1907, Reliance Standard is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of &hellip; Continue reading &quot;Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T13:03:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210415005070r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer\",\"datePublished\":\"2021-04-15T13:03:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/\"},\"wordCount\":828,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210415005070r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/reliance-standard-agrees-to-acquire-top-tier-new-york-statutory-insurer\\\/\",\"name\":\"Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer - 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