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Monday, April 15, 2024

The Normal finalises buy of Elevance’s life & incapacity unit 

US monetary providers and insurance coverage firm StanCorp Monetary Group (the Normal) has accomplished the acquisition of Elevance Well being‘s life and incapacity enterprise.  

This transfer is predicted to boost the Normal’s place within the US worker advantages market. 

Monetary phrases of the transaction, which was introduced in March 2023, weren’t disclosed.  

Elevance Well being’s life and incapacity unit consists of life, incapacity, unintended dying and dismemberment, absence administration and paid household depart companies. 

Underneath the settlement, a ten-year distribution partnership has additionally been established.  

This may enable the Normal’s services to be provided to Elevance Well being prospects, with the Normal’s gross sales group and Elevance Well being’s medical gross sales group working collectively to advertise these choices. 

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The mixed life and incapacity advantages companies will proceed to function beneath the Normal model.  

It consists of the mixing of Elevance Well being’s life and incapacity workers and operations into the Normal’s present construction. 

The Normal president and CEO Dan McMillan stated: “This transaction is a crucial milestone in our progress within the worker advantages market in addition to the start of a brand new mutually helpful partnership with Magnificence Well being.” 

Elevance Well being govt vice-president and president, business well being advantages, Morgan Kendrick, stated: “We stay up for our continued partnership with the Normal and worth their experience within the life and incapacity enterprise. Collectively we’re dedicated to making sure a seamless transition for the purchasers we collectively serve.” 

Primarily based in Portland, Oregon, the Normal offers a variety of merchandise together with group and particular person incapacity insurance coverage, group life, dental and imaginative and prescient insurance coverage, voluntary advantages, paid household depart, absence administration providers, and retirement plans and annuities for each employers and people. 

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