Securian Financial Group, Inc., announced today 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, helping employees understand their benefits, appreciate their value and make smarter coverage and utilization decisions.
Securian Financial is the third-largest direct writer of group life insurance in the United States1 and also offers group accidental death and dismemberment (AD&D), accident, critical illness and hospital indemnity insurance.
“This transaction underscores our commitment to creating exceptional experiences for employers and their employees,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “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.”
“Technology-driven customer expectations are rapidly changing the employee benefits industry,” added Bruce Shay, Securian Financial’s executive vice president and head of group insurance. “Empyrean’s solutions help employers navigate this landscape in support of their benefits strategy.”
More than 400 employers and 3.6 million participants use Empyrean’s platform. Founded in 2006, Empyrean has more than 600 employees working at its Houston headquarters and in offices in Nashville and Minneapolis.
“This is an exciting opportunity not only for Empyrean, but also for our customers and partners,” said Rich Wolfe, Empyrean’s CEO and co-founder. “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.”
The transaction is expected to close in the next month. Goldman Sachs & Co. LLC served as financial advisor and Fredrikson & Byron served as legal counsel to Securian Financial in the transaction. Baird served as financial advisor and Shearman & Sterling served as legal counsel to Empyrean.
ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
Empyrean manages employee health and welfare benefits programs, combining the industry’s most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. Empyrean provides market-leading enrollment, eligibility management, ACA reporting and other plan administration services that empower employers, insurance consultants and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform serves over 3 million annual participants across a wide spectrum of sizes, industries and complexities.
1. A.M. Best Statistical Study, U.S. Group Life, July 23, 2018. Based on 2017 group life insurance in force for Minnesota Life Insurance Group. Excludes Great-West Life Group.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
Securian Financial is the marketing name for Securian Financial Group, Inc. and its affiliates. Insurance products are issued by its affiliated insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.
Jeff Bakken, Media Relations