A unit of Minnesota Mutual Companies Inc. is planning to make a deal that could help it expand relationships with financial institutions.
The company, Securian Financial Group Inc., St. Paul, Minn., has agreed to buy operations from OneAmerica Financial Partners Inc., Indianapolis, that manufacture and sell mortgage life insurance, credit disability insurance and other “loan protection” products.
The companies are not discussing the price, but Securian says it hopes to close on the deal April 1.
The acquisition includes CNL Financial Corp., Macon, Ga., a division of OneAmerica’s American United Life Insurance Company unit, and some other American United Life operations.
Securian plans to keep the Macon operation, Securian says.
Securian’s financial institution services operations was founded in 1957 and now has more than 2,600 financial institution clients, Securian says.
CNL was founded in 1962 and has about 1,000 clients, according to Securian.
OneAmerica President Dayton Molendorp says the company is making the deal to focus on its core life, group and retirement businesses, which generate about 97% of the company’s revenue.