Portland, Oregon, April 1, 2024–(BUSINESS WIRE)–Stancorp Financial Group (“The Standard”) today completed its acquisition of the Life and Disability business from Elevance Health, pursuant to the terms of the agreement reported on March 28, 2023. announced. The agreement includes his 10-year distribution partnership in which The Standard’s products and services will be provided to his Elevance Health customers.
“This transaction is an important milestone in our growth in the employee benefits market and represents a new mutually beneficial partnership with Elevance Health,” said Dan McMillan, President and CEO of The Standard. It is also the beginning of a partnership.” “We look forward to welcoming Life & Disability employees, customers and partners to The Standard.”
This transaction combines the deep expertise of two leading employee benefits providers who share a commitment to customer service. The combined life insurance and disability benefits business will operate under The Standard brand and include the employees and operations of Elevance Health Life & Disability. This distribution agreement partners The Standard’s sales team with Elevance Health’s medical sales team to create a trusted partner for group living, short-term and long-term disability, accidental death and dismemberment insurance, paid family leave and absence management services. Provided to Elevance Health customers.
“We look forward to our continued partnership with The Standard and look forward to working with them in the Life and Disability business,” said Morgan Kendrick, Executive Vice President and President, Commercial Health Benefits, Elevance Health. We highly value the expertise of Mr. “We are committed to ensuring a seamless transition for the customers we jointly serve.”
“This transaction underscores The Standard’s commitment to the life, disability and absence management markets and expands our employee benefits business,” said David Payne, Vice President of Employee Benefits at The Standard. “We will further expand our scale and distribution network.” “Elevance Health is pleased to partner with Elevance Health to offer our workplace products and capabilities to our customers.”
About The Standard
The Standard is a group of companies dedicated to helping customers achieve financial well-being and peace of mind. Founded in 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee paid) benefits, paid family leave and absence management services, and retirement plans and pensions for employers and individuals. included. For more information about The Standard, visit standard.com or follow us on Facebook or LinkedIn.
About Elevance Health Co., Ltd.
Elevance Health is your trusted lifelong health partner, driven by a purpose to improve human health. The company supports consumers, families and communities throughout the journey of care, providing them with the care, support and resources they need to live healthier lives. Elevance Health companies serve more than 115 million customers through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical and complex care solutions. For more information, visit www.elevancehealth.com or follow @ElevanceHealth on “X” and Elevance Health on LinkedIn.
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contact address
standard
bob speltz
971.212.9549
Bob.Speltz@standard.com
Elevance Health
Leslie Porras
Leslie.Porras@elevancehealth.com
