Securian Financial acquires Empyrean Benefit Solutions
Insurance, investment and retirement solutions provider Securian Financial Group has signed a definitive agreement to acquire employee health and welfare benefits programs manager Empyrean Benefit Solutions.
Empyrean, which will remain an independently operated organization, delivers a single platform for all benefits administration, enrolment, education and communication. Its technology integrates insurance carriers with payroll systems and other third-party administrators, helping employees understand their benefits, appreciate their value and make coverage and utilization decisions.
Securian Financial is the third-largest direct writer of group life insurance in the United States and also offers group accidental death and dismemberment (AD&D), accident, critical illness and hospital indemnity insurance.
“This transaction underscores our commitment to creating exceptional experiences for employers and their employees,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “It is a significant strategic investment that complements Securian Financial’s broad lineup of innovative employee benefits solutions and opens new growth opportunities for both our customers and us.”
Bruce Shay, Securian Financial’s executive vice president and head of group insurance added: “Technology-driven customer expectations are rapidly changing the employee benefits industry. Empyrean’s solutions help employers navigate this landscape in support of their benefits strategy.”
More than 400 employers and 3.6 million participants use Empyrean’s platform. Founded in 2006, Empyrean has more than 600 employees working at its Houston headquarters and in offices in Nashville and Minneapolis.
“This is an exciting opportunity not only for Empyrean, but also for our customers and partners,” said Rich Wolfe, Empyrean’s CEO and co-founder. “Securian Financial shares our long-term values and customer service-focused culture. We are gaining access to a partnership that will allow us to continue to execute our strategy of connecting benefits and enriching lives.”
The transaction is expected to close in the next month.
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