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.