ManhattanLife to acquire Utah-based Standard Life and Casualty Insurance
ManhattanLife, a US life insurance company, has agreed to acquire Utah-based Standard Life and Casualty Insurance Company for an undisclosed price in a move to expand its national presence and complement its product offerings.
Founded in 1946, Standard Life and Casualty Insurance provides specialty life, health, accident, and disability. The company has been owned and managed by the father-son duo of John Piercey and Brad Piercey, and the Piercey family for over 41 years. While John Piercey is chairman, Brad Piercey is CEO and president.
Brad Piercey will continue to serve as the president.
David Harris – CEO of ManhattanLife said: “This acquisition significantly broadens our multi-channel product platform and allows us access into markets that we’ve been eager to enter.
“Further, we have had a decade-long presence in the Senior Market and this partnership greatly enhances our product portfolio in that space.”
Licensed in 29 states, Standard Life and Casualty Insurance has $37 million in assets and annual revenue of $12.5 million from writing final expense, home health care, short-term medical and critical illness policies via independent brokers and independent marketing organizations.
Brad Piercey said: “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.
“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 closing of the deal is subject to regulatory approval.