ManhattanLife Assurance Acquires Humana’s Workplace Voluntary Benefits Business

ManhattanLife Assurance has signed a definitive agreement to acquire the Workplace Voluntary Benefits (WVB) and Financial Protection Plan (FPP) lines of business from Humana Inc. These lines of business are primarily held under Humana’s wholly-owned subsidiary Kanawha Insurance Company (KIC). As Humana previously announced, the Company has entered into an agreement to sell its wholly-owned subsidiary, KMG America Corporation (KMG), including KMG subsidiary KIC, to Continental General Insurance Company (CGIC).

MAC has a diverse product portfolio including Life, Health, Annuities and Medicare Supplement products and this acquisition extends its worksite reach into the mid-to-large market space. The financial terms of the transaction were not disclosed.

“While this is a significant acquisition for us, what remains at the heart of our growth is assembling great people working toward a singular goal of providing distributors and policyholders with great products. The WVB line has a very strong product portfolio and we are excited to expand into this segment.” – Chairman and CEO, David Harris.

The WVB products are targeted toward mid-to-large market employer group and include Critical Illness, Accident, Whole Life, Level-Term Life, Disability, and Cancer policies.

“Our distribution partners throughout the country are vital to our success, ranging from brokers to agents to enrollment technology partners. This gives us access to a market with outstanding benefit professionals that understand the market and thoroughly know their customers’ needs.” – CMO, Todd Hayden.