OneAmerica® Acquires $700 Million Block of 403(b) Business
OneAmerica® Acquires $700 Million Block of 403(b) Business
Indianapolis, July 24, 2007
OneAmerica Financial Partners, Inc. announced today that it has purchased a block of 403(b) business from Transamerica Life Insurance Company through a reinsurance agreement. Terms of the agreement were not disclosed.
“This acquisition represents another strong step toward growing the OneAmerica enterprise,” said OneAmerica President and CEO Dayton H. Molendorp. “We built our retirement business in the 403(b) market more than 40 years ago, and this transaction underscores our commitment to the retirement services franchise.”
The purchase of this block of fixed annuity 403(b) business is expected to increase scale by adding more than 40,000 new plan participants to the existing 400,000 served currently by the retirement services division of American United Life Insurance Company® (AUL), a OneAmerica company. The transaction will increase the asset base of OneAmerica by approximately $700 million to more than $19 billion.
Specializing in the small-to-mid-size employer market, AUL Retirement Services is currently the 15th largest provider of full service 401(k) plans and the sixth largest provider to nonprofit organizations in the United States. Financial strength along with a customized, consultative business approach helps the division serve more than 13,000 retirement plans with $9 billion in assets.
About OneAmerica
OneAmerica Financial Partners, Inc., is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 125 years in the insurance and financial services marketplace.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plans, products and services; individual life insurance, annuities, long-term care solutions and employee benefits. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers, and other distribution sources that are committed to maximizing value to our policyholders by helping them plan to meet their financial goals.
We deliver on our promises when customers need us most.
