HOUSTON--(BUSINESS WIRE)--Seventh paragraph, first sentence of release dated June 23, 2020 should read: ManhattanLife, founded in 1850 and is celebrating the Company’s 170th anniversary, is one of the oldest insurance companies in the United States (instead of ManhattanLife, founded in 1870 and is celebrating the Company’s 170th anniversary, is one of the oldest insurance companies in the United States).
The corrected release reads:
MANHATTANLIFE AGREES TO ACQUIRE STANDARD LIFE AND CASUALTY INSURANCE COMPANY
David Harris, CEO of ManhattanLife, announced today the acquisition of Standard Life and Casualty Insurance Company, expanding the company’s growing national footprint and complementing their already robust product offerings.
Incorporated in 1946, Standard Life and Casualty offers a diverse portfolio of high-quality products, including Specialty Life, Health, Accident and Disability. Standard Life has been owned and managed by John Piercey, his son Brad Piercey and the Piercey family for more than 41 years. John is Chairman and Brad is CEO and President. Brad Piercey will continue in his role as President.
“This acquisition significantly broadens our multi-channel product platform and allows us access into markets that we’ve been eager to enter,” Harris said. “Further, we have had a decade-long presence in the Senior Market and this partnership greatly enhances our product portfolio in that space.”
The Standard Life and Casualty acquisition brings with it $37 million in assets and $12.5 million in annual revenue from writing Final Expense, Home Health Care, Short-Term Medical and Critical Illness policies through independent brokers and Independent Marketing Organizations. The company is licensed in 29 states.
“ManhattanLife has been on our radar and I’m sure other's as well over the years as we’ve watched them grow both organically and through acquisitions,” said Brad Piercey. “From our very first conversation it was clear that Standard Life and ManhattanLife could forge a partnership built around a common culture. Maintaining our marketing and sales functions in Salt Lake City while being able to leverage other resources within the ManhattanLife framework will fuel our growth and we couldn’t be happier with this alliance.”
The acquisition is subject to regulatory approval.
About ManhattanLife: ManhattanLife, founded in 1850 and is celebrating the Company’s 170th anniversary, is one of the oldest insurance companies in the United States. The Company offers a diversity of high-quality Individual Life & Health Insurance, Voluntary Benefits, Medicare Supplements and Annuities through its four charters — Manhattan Life, ManhattanLife Assurance, Family Life and Western United Life. The organization has completed over 100 company and block acquisitions.
For more news and information on ManhattanLife, please visit www.manhattanlife.com.