Jan. 1, 2007
Assurity Life and Security Financial Life, Lincoln, Neb., have merged their operating companies effective Jan. 1, 2007. Tom Henning, CLU, ChFC, CFA, President, Chairman and CEO, announced that the name of the combined company will be Assurity Life Insurance Company.
The merger is the culmination of a holding company consolidation which created Assurity Security Group Inc. on Jan. 1, 2005, while the operating companies remained separate entities. With the merger, Assurity Life will have more than $2.1 billion in assets and approximately $225 million in capital, Henning said. The company has more than 400,000 policies and certificates in force.
"Our combined company now comprises a larger, stronger financial services organization that will benefit from economies of scale, expanded marketing opportunities and even greater financial strength," Henning said. "Assurity will be in a stronger position to capitalize on growth opportunities, enhance our independent insurance ratings and better serve the long-term interests of our customers."
As a diversified insurance and financial services organization, Assurity Life will continue to market disability income, critical illness and life insurance, annuities and specialty insurance plans through its representatives, worksite distribution and direct mail. Pension administration and investment management services are available through Pine Lake Advisors Inc., a company subsidiary. Assurity has approximately 40,000 representatives serving customers nationwide.
"We are pleased with the progress we have made since the process of unifying our two companies under one holding company began," Henning said. "With the merger of the operating companies, we will be able to more quickly reap the benefits of expense savings, reduce regulatory costs and accelerate the development of more innovative products."
Henning emphasized that the merger will not affect rights granted to Security Financial Life policyholders, including benefits, values and guarantees, and premiums will not change. Policyholders' membership and voting rights will remain with the mutual holding company, Assurity Security Group Inc., while their contract rights will remain with the insurance company, Assurity Life.
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