Smith Group 2020 DBL Market Share Survey.Waller Helms Advisors acted as financial advisor to Reliance Standard and Sullivan & Cromwell LLP provided external legal counsel in connection with this transaction. The parties are seeking to complete the transaction during the third quarter of 2021, subject to obtaining regulatory approvals and other closing conditions. 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. Reliance Standard finished the year as the 11 th largest provider. “I believe this combination will yield benefits for SSL’s agents, brokers and clients.”Īccording to results 1 for the year ending December 31, 2020, Standard Security Life is the sixth largest provider of New York DBL insurance.

“Looking at SSL’s leadership and effectiveness in the New York statutory market and Reliance’s long-term, holistic approach to disability and leave, it really does seem like an ideal match,” said David Kettig, president and COO of Independence Holding Company. Together 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. Best and A+ (Strong) by Standard & Poor’s. Reliance Standard is rated A++ (Superior) by A.M. The group benefits segment wrote approximately $1.39 billion in gross premium in 2020. Reliance Standard also operates in the fixed annuity market space, including indexed annuities. 1įounded 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. 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. PHILADELPHIA–( BUSINESS WIRE)– Reliance Standard Life Insurance Company, 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.

Matrix absence management survey