CHARLOTTE, N.C. and GREENWOOD VILLAGE, Colo., July 21, 2015 /PRNewswire/ -- Southland National Insurance Corporation ("SNIC") and Dearborn National Life Insurance Company ("DNL") announced today that they have entered into a definitive agreement under which SNIC will acquire DNL's wholly-owned Colorado Bankers Life Insurance Company ("CBL") subsidiary. Terms of the transaction were not disclosed.
The transaction will combine SNIC's in-force life insurance portfolio with CBL's operations and leading presence in individual life, accident and critical illness products to create a platform with an enhanced ability to deliver insurance protection to policyholders and drive growth. SNIC is the life insurance affiliate of Eli Global, a private firm founded in 1991.
"CBL's talented employees, high-quality products and distribution capabilities will become the cornerstone of our insurance operations," said Jeremy Ragsdale, Chief Executive Officer of Eli Global's Insurance Group. "Our team looks forward to working closely with CBL's employees to meet the needs of policyholders and expand CBL's reach through existing channels as we grow our insurance operations."
"In SNIC and Eli Global, we have found a great organization committed to investing in CBL and focused on meeting the needs of our individual policyholders," said Joe Wieser, President and Chief Executive Officer of CBL. "Following the transaction, CBL will have an enhanced ability to grow and support our longstanding distribution partners by delivering convenient and affordable individual life, annuity, accident and critical illness products."
Gregory Benesh, Chief Executive Officer of DNL said, "This transaction will enable DNL and CBL to focus on the needs of their separate sets of policyholders. CBL will continue to leverage its unique business model to deliver individual products. For DNL, this transaction will enable us to maintain a sharper focus on our core group life, disability and dental business."
The transaction is expected to close in the fourth quarter of 2015, subject to customary regulatory approvals. Following the close of the transaction, CBL's operations will maintain the CBL name and continue to be located in Greenwood Village, Colorado.
About Eli Global
Eli Global is an international information and financial services group headquartered in Durham, North Carolina with 2,600 employees working from more than a dozen locations on three continents. The Eli Global group has over $1 billion in assets across a broad range of products and services including: life insurance and annuities, dental insurance, electronic medical records, practice management systems, certifications, training, market research, advertising, information services, and revenue cycle management.
Eli Global's formula for success is simple: we build long-term relationships with our people, our partners, and our customers. We have never sold a business and we have a 30-year plan for each business we operate. We have no outside investors and we are 100% owned by our Chairman and founder and our employees. This long-term privately held focus gives us an ability to develop relationships and invest in new markets and businesses over a period of many years.
About Southland National Insurance Corporation
Southland National Insurance Corporation is a stock insurance company within the Eli Global group of companies with 100% of the stock owned by Southland National Holdings, LLC. The company has been engaged in the business of life insurance, annuities and group dental insurance for more than 45 years. Southland is domiciled in North Carolina and is currently licensed in 18 states. For more information about the company, visit southlandnational.com
About Colorado Bankers Life Insurance Company
Colorado Bankers Life Insurance Company,® has been helping working Americans successfully build and manage their insurance needs for more than 40 years. In addition to its individual insurance plans, Colorado Bankers Life provides voluntary, supplemental benefit products through payroll deduction programs with U.S. business owners that yield two advantages: 1) employees receive convenient and affordable financial protection for themselves and their families; 2) employers offer greater insurance choices to their employees without incurring additional cost or obligation to themselves. Colorado Bankers Life is licensed in 49 states (excluding New York), the District of Columbia, Puerto Rico and Guam.
About Dearborn National Life Insurance Company
Dearborn National Life Insurance Company is the ancillary subsidiary of Health Care Service Corporation, a Mutual Legal Reserve Company (HCSC). HCSC is the largest non-investor owned health care insurer in the United States and the fourth largest overall. With 45 years of experience, Dearborn National offers a broad selection of Group Benefits insurance products (employer-paid/voluntary) as well as an array of enhanced product services. Dearborn National is licensed in all 50 states, as well as the District of Columbia, the U.S. Virgin Islands, the British Virgin Islands, Guam and Puerto Rico. Products and services marketed under the Dearborn National® brand and the star logo are underwritten and/or provided by the following affiliated companies: Dearborn National Life Insurance Company® (Downers Grove, Illinois) which is not licensed in and does not solicit business in New York; in New York, the company is Dearborn National Life Insurance Company® of New York (Pittsford, New York). Product features and availability vary by state and company, and are solely the responsibility of each affiliate. For more information, visit dearbornnational.com.
SOURCE Southland National Insurance Corporation; Dearborn National Life Insurance Company