The Securian Financial Group of St. Paul, Minn. announced that its purchase of CNL Financial Corp. is complete, effective today, May 1. CNL is a Macon, Ga., based company that provides loan protection products to consumers through financial institutions.
“Securian is a good parent for CNL,” said Chris Greene, president and CEO, CNL Financial Corp. “Securian is committed to the loan protection market, and together we are providing state-of-the-art products and fast, friendly service.”
Securian already has a significant business presence in the state, insuring 250,000 Georgians with more than $20 billion of coverage.
Securian plans to grow the CNL operation in place, turning it into a “center of excellence” for the manufacture and distribution of property- casualty loan protection products. That’s good news for the Macon area, whose local economy benefits significantly from CNL. The company pumps more than $5 million annually into the region and the state of Georgia in the form of payroll, property taxes, and other fees, including $1 million in corporate income taxes. Though the purchase price for CNL was not disclosed, Securian chairman, President and CEO Robert L. Senkler says it represents a significant investment for the national financial services firm.
“CNL is strategically important to Securian,” said Senkler. “The acquisition adds 1,000 financial institutions to our client base. Also, the CNL work force is highly skilled in the areas where we want to grow. This acquisition is good for CNL, Securian, and the Macon area.”
CNL Financial Corp. was a subsidiary of OneAmerica Financial Partners, Inc., Indianapolis, Ind. Securian bought OneAmerica’s entire loan protection manufacturing and distribution operation, including CNL, some products manufactured by American United Life Insurance Company of Indianapolis, and other operations. Loan protection products sold to consumers include mortgage life, credit life and disability, collateral protection insurance, debt protection, and other products.
Securian Financial Group ( http://www.securian.com/ ) provides individuals and businesses insurance, retirement plans and investments. Securian has $520 billion of life insurance in force, $27 billion in assets under management, and a combined work force of more than 5,000 employees and advisors in its St. Paul, Minn. headquarters and offices across the country.
Headquartered in Macon, Ga., CNL Financial Corp. subsidiaries include Cherokee National Life Insurance Company; CNL/Insurance America, a property and casualty insurance company; and CNL/Resource Marketing Corporation, a managing general underwriter.
Source: Securian Financial Group
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