Securian Financial acquires Empyrean Benefit Solutions
Securian Financial, one of the largest direct writers of group life insurance in the US, announced that it has signed a definitive agreement to acquire Empyrean Benefit Solutions, Inc., a company with a “leading platform” for employee benefits enrollment and human resources administration.
Empyrean, which will remain an independently operated organization, delivers a single platform for all benefits administration, enrollment, education and communication. Its technology integrates insurance carriers with payroll systems and other third-party administrators.
Founded in 2006, Empyrean Benefit Solutions has raised a total of $53 million and has ~575 employees according to LinkedIn. More than 400 employers and 3.6 million participants use the company’s platform.
“This transaction underscores our commitment to creating exceptional experiences for employers and their employees. It is a significant strategic investment that complements Securian Financial’s broad lineup of innovative employee benefits solutions and opens new growth opportunities for both our customers and us.” – Chris Hilger, Securian Financial’s chairman, president and CEO.
“Technology-driven customer expectations are rapidly changing the employee benefits industry. Empyrean’s solutions help employers navigate this landscape in support of their benefits strategy.” – Bruce Shay, Securian Financial’s executive vice president and head of group insurance.
“This is an exciting opportunity not only for Empyrean, but also for our customers and partners. Securian Financial shares our long-term values and customer service-focused culture. We are gaining access to a partnership that will allow us to continue to execute our strategy of connecting benefits and enriching lives.” – Rich Wolfe, Empyrean’s CEO and co-founder.
The transaction is expected to close in the next month.