Together with Matrix Absence Management, one of the leading absence management TPAs in the U.S., Reliance Standard markets leave management solutions nationwide, regardless of jurisdiction and funding mechanism. “In an era of unprecedented growth and dynamism in the statutory disability and paid leave space, we are fully committed to expanding our service to employers in New York and beyond.” “We are excited about adding the scale and expertise we found at Standard Security Life to the Reliance Standard family,” Fazzini said. Under the terms of the proposed acquisition, SSL will operate as a wholly-owned subsidiary of Reliance Standard with SSL President Gary Balzofiore reporting to Chris Fazzini, president and CEO, group benefits, of Reliance Standard. Standard Security Life is rated A- (Excellent) by A.M. With $122 million in gross written premium in 2020, SSL insures approximately one million employees across 60,000 employer groups. Best and A+ (Strong) by Standard & Poor’s.įounded in 1957, Standard Security Life is a leading provider of New York DBL and statutory paid family leave (PFL) insurance and a member of the Independence Holding Company Group.
Reliance Standard is rated A++ (Superior) by A.M. The group benefits segment wrote approximately $1.39 billion in gross premium in 2020. Reliance Standard also operates in the fixed annuity market space, including indexed annuities. 1įounded in 1907, Reliance Standard is a leader in absence and employee benefits solutions including financial protection, absence management and supplemental health, with a portfolio of insurance products that include group disability, life, accident, critical illness, hospital indemnity, dental, vision, medical stop loss and limited benefit medical. Once the acquisition is completed, Reliance Standard will be the third largest provider of New York Disability Benefit Law (DBL) insurance, with roughly 10% of the market. PHILADELPHIA-( BUSINESS WIRE)-Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals.
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