Our parent company has signed a definitive agreement to sell its life and disability business to StanCorp Financial Group (The Standard). The companies will also enter into a product distribution partnership.
The transaction and partnership bring together two leading benefit providers with deep expertise in employee benefits administration and a shared commitment to customer service. Our companies have a complementary geographic presence and a favorable concentration of business and broker relationships nationwide.
Once the deal closes, The Standard will acquire life, disability, accidental death and dismemberment, absence management, and paid family leave businesses. The transaction will significantly expand the scale and competitive position of The Standard’s employee benefits business in the United States.
The distribution agreement partners The Standard’s sales team with our medical Sales team, expanding The Standard’s network and bringing a trusted life and disability partner to our customers.
We will be working through regulatory approvals and other closing activities for the next several months and expect the transaction to close in early 2024. Review the press release (upstate / downstate) and the complete FAQ (upstate / downstate) for more details. You’ll also find ongoing updates on the News on the Broker Hub.