ManhattanLife has announced that it plans to grow its national presence via the acquisition of Standard Life and Casualty Insurance Company.
Incorporated in 1946, Standard Life and Casualty offers a portfolio that includes 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.
Following the acquisition, 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,” said ManhattanLife CEO David Harris.
“Further, we have had a decade-long presence in the Senior Market and this partnership greatly enhances our product portfolio in that space.”
ManhattanLife noted that the acquisition will bring $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.
“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.”
He added: “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.”