ManhattanLife Acquires Humana’s Workplace Voluntary Benefits Business
HOUSTON, April 30, 2018 /PRNewswire/ -- ManhattanLife Assurance Company of America (MAC) has signed a definitive agreement to acquire the Workplace Voluntary Benefits (WVB) and Financial Protection Plan (FPP) lines of business from Humana Inc. These lines of business are primarily held under Humana's wholly-owned subsidiary Kanawha Insurance Company Inc. (KIC). As Humana previously announced, the Company has entered into an agreement to sell its wholly-owned subsidiary, KMG America Corporation (KMG), including KMG subsidiary KIC, to Continental General Insurance Company (CGIC).
MAC has a diverse product portfolio including Life, Health, Annuities and Medicare Supplement products and this acquisition extends its worksite reach into the mid-to-large market space. The financial terms of the transaction were not disclosed.
"While this is a significant acquisition for us, what remains at the heart of our growth is assembling great people working toward a singular goal of providing distributors and policyholders with great products, " said Chairman and Chief Executive Officer David Harris. "The WVB line has a very strong product portfolio and we are excited to expand into this segment."
The WVB products are targeted toward mid-to-large market employer group and include Critical Illness, Accident, Whole Life, Level-Term Life, Disability, and Cancer policies.
"Our distribution partners throughout the country are vital to our success, ranging from brokers to agents to enrollment technology partners," said Todd Hayden, Chief Marketing Officer. "This gives us access to a market with outstanding benefit professionals that understand the market and thoroughly know their customers' needs."
About ManhattanLife Assurance Company of America
ManhattanLife is a group of four operating life and health insurance companies; Manhattan Life Insurance Company, ManhattanLife Assurance Company of America, Western United Life Assurance Company and Family Life Insurance Company. Since 1850, these companies have provided secure and innovative life and health insurance products and services throughout the United States and Puerto Rico.