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Securian Financial Group acquires another life insurance company

10/04/11

Securian Financial Group, providers of securities for consumers in the form of life insurance, insurance, investments and retirement, recently announced its acquisition of Balboa Life Insurance Company and Bank of America's subsidiary, Balboa Life Insurance Company of New York.

"This acquisition increases the scale of our financial institution business and further demonstrates our commitment to this marketplace," said Christopher Hilger, executive vice president of Securian Financial Group. "Securian is actively looking for more opportunities to acquire businesses that support our strategy of increasing our presence in the financial institution market."

The acquisiton of Balboa isn't Securian's only dealings this year, the company also acquired American Modern Life Insurance Company and its subsidiary, Southern Pioneer Life, earlier this summer.

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