A brand new strategic partnership was launched by Nationwide Guardian Life Insurance coverage Firm (“NGL”), a Madison-based life insurer with a wealthy heritage relationship again to 1909 and property of over $5 billion, and New York-based Insurance coverage Capital Group (“ICG”), the main strategic investor within the mutual insurance coverage business.
NGL and ICG, via its Federal Life Group, Inc. (“Federal Life”) affiliate, have collectively developed and launched a nationwide dental and imaginative and prescient insurance coverage enterprise known as BrightBenefits, which might be led by insurance coverage business veteran Danny Bentley. BrightBenefits insurance policies might be issued by Industrial Vacationers Insurance coverage Firm, an A.M. Greatest A- (Wonderful) rated affiliate of NGL, through which Federal Life will make a major fairness funding, topic to receiving regulatory approval.
“This new strategic partnership with ICG permits NGL to diversify its investments into new markets with out dropping its deal with being a number one supplier of preneed insurance coverage for purchasers nationwide. ICG brings distinctive expertise and extra capital to this partnership that can permit development in new and thrilling methods,” mentioned Knut A. Olson, NGL President & CEO.
“We're honored to have been chosen by NGL as its strategic accomplice and we're extraordinarily excited in regards to the launch of BrightBenefits and the broader strategic partnership with NGL. We're assured that BrightBenefits, led by its gifted administration crew, will turn into one of many nation’s main imaginative and prescient and dental platforms,” mentioned Matt Popoli, founder and CEO of Insurance coverage Capital Group and Director of Federal Life.
“Our purpose for BrightBenefits is to be a trusted accomplice and main supplier of worker advantages services and products that assist employers and their staff defend their households,” mentioned Danny Bentley, President of BrightBenefits. BrightBenefits will supply each employer and worker paid dental and imaginative and prescient insurance coverage and can look to develop the product choices as the corporate grows.
Bentley is a pacesetter in fostering innovation, driving organizational change and delivering worthwhile development. Bentley most lately served as President of Davis Imaginative and prescient, the nation’s third largest imaginative and prescient insurer with roughly 22 million members.
Bentley started his profession at Protecting Life the place he created and pioneered the voluntary, ancillary advantages merchandise business by introducing the nation’s first voluntary dental product. He later joined A.G. Edwards Funding Banking, serving as a Managing Director and Head of the agency’s Insurance coverage Follow earlier than rejoining the insurance coverage business.
The closing of the funding by Federal Life is topic to sure regulatory approvals, together with the approval by the New York Division of Monetary Companies and the Wisconsin Workplace of the Insurance coverage Commissioner.
Foley & Lardner LLP are serving as authorized counsel, and Grace International Capital LLC as monetary advisor to NGL. Purrington Moody and Debevoise & Plimpton are serving as authorized counsel, and Insurex, LLC as monetary advisor to ICG and Federal Life.
About Nationwide Guardian Life Insurance coverage Firm and Industrial Vacationers
Established in 1909 Nationwide Guardian Life Insurance coverage Firm is an insurance coverage firm headquartered in Madison, Wis. Licensed to do enterprise in 49 states and the District of Columbia, NGL markets preneed and particular person life and annuities, in addition to group markets merchandise. NGL is rated A- (Wonderful) by A.M. Greatest. Details about NGL could be discovered at www.nglic.com; Fb: Fb.com/NGLIC and LinkedIn: https://www.linkedin.com/firm/national-guardian-life-insurance-company.
Industrial Vacationers Life Insurance coverage Firm (CT) has been offering insurance coverage protection since 1883. CT is rated A- (Wonderful) by A.M. Greatest and have become a wholly-owned, inventory subsidiary of NGL in 2017.
About Insurance coverage Capital Group
Insurance coverage Capital Group is a holding firm which acquires and makes investments in insurance coverage companies throughout focused sectors with a deal with sponsored demutualizations and different complicated conversion transactions. Our goal is to create long run shareholder worth as measured by development in tangible e-book worth via the possession and oversight of our accomplice firms. For extra details about us, go to www.insurancecap.com.
About Federal Life Group, Inc.
Federal Life Group, Inc. (OTCMKTS: FLFG) is the mum or dad of Federal Life Insurance coverage Firm (“FLIC”), an independently operated supplier of high quality life insurance coverage and annuity merchandise, integrated in 1899. FLIC is headquartered in Riverwoods, Illinois, a suburb roughly thirty miles north of Chicago. FLIC is happy with its longstanding custom of monetary energy and stability and serves over 28,000 policyholders. For extra data, go to www.federallife.com.
NGL reported $four.1 billion in consolidated liabilities for 2018. Financials present as of 12/31/18. Rankings present as of 02/21/19.
Nationwide Guardian Life Insurance coverage Firm isn't affiliated with The Guardian Life Insurance coverage Firm of America a/okay/a The Guardian or Guardian Life.
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