Security Mutual Life Insurance Company of New York, Binghamton, N.Y. (Security Mutual), Renaissance Life & Health Insurance Company of America, Indianapolis, Ind., and its sister company, Renaissance Life & Health Insurance Company of New York, New York, N.Y. (Renaissance), today announced the completion of a transaction for Renaissance to acquire Security Mutual’s group life, disability and accident insurance division.
“This transaction demonstrates our strategic commitment to broaden and enhance our insurance product offerings and position our company as a multi-line ancillary insurance leader,” says Robert P. Mulligan, President and Chief Executive Officer of Renaissance, and graduate of Binghamton University. “We believe the addition of Security Mutual’s group operation will create a seamless buying and service experience for our key customer segments, which include brokers and the employers and employees they trust us to insure.”
Security Mutual offers a full array of life insurance, annuity products and financial-planning services to individuals and businesses nationwide. Security Mutual’s Group Division represented less than 5 percent of the Company’s 2017 $379.3 million gross direct insurance premiums. Security Mutual will continue to focus on expanding its core individual life insurance, annuity, financial institutions, and worksite voluntary life businesses. The Company will offer its customers group life, disability, accident, dental and vision products through Renaissance. At the same time, Renaissance customers will be able to access Security Mutual’s individual life and worksite voluntary life and annuity products.
Collaboration Created Expansion Opportunities for Both Companies
For the past three years, Renaissance and Security Mutual have worked together to jointly market each other’s products in their respective markets. By offering group life and disability products through Security Mutual, Renaissance was able to expand the appeal of its dental and vision plans with a packaged ancillary solution. And Security Mutual likewise successfully augmented its offerings with dental and vision insurance from Renaissance.
“We are excited about the opportunities this transaction creates for Security Mutual, Renaissance and Binghamton,” says Bruce W. Boyea, Chairman, President and Chief Executive Officer of Security Mutual. “It will enhance the ability of each company to serve the diverse and emerging insurance needs of their customers throughout the United States and promote employment in Greater Binghamton.”
Renaissance Establishes New Corporate Office in Binghamton
Boyea adds that Security Mutual is pleased to welcome Renaissance to the Binghamton community. As part of this transaction, Renaissance has established a group operation facility in Binghamton, N.Y., and Renaissance Life & Health Insurance Company of New York has relocated its corporate office to downtown Binghamton. Security Mutual’s 34 Group Division employees have become employees of Renaissance. “With the increased demand for bundled ancillary insurance solutions, we are excited to be able to optimize our product portfolio, enhance our efficiency and expand our capacity to serve brokers, groups and members nationwide,” concludes Mulligan.