Securian Expands Group Life Insurance Distribution With Brokerage Purchase

ST. PAUL, Minn., July 1 /PRNewswire/ -- Securian Financial Group is purchasing Ochs, Inc., a St. Paul, MN-based employee benefits brokerage with a client base composed primarily of public sector employers in Minnesota. The transaction is effective July 1, 2010.

While Ochs, Inc. will be wholly owned by Securian, it will continue as an independent distributor, retain its brand, and represent multiple insurance carriers. Ochs, Inc. markets group life through Minnesota Life Insurance Company, a Securian company. It also offers disability, long-term care, dental, and vision products offered by other carriers.

"Ochs, Inc. is ready to expand into other states, and Securian has the resources to fuel that growth and the intellectual capital to guide it successfully," said Thomas Ochs, CEO, Ochs, Inc.

Von Peterson, senior vice president of Securian's group life insurance unit, said, "We've enjoyed success in our core market of large employers and we are looking to Ochs, Inc. to give us entree to the smaller employer market."

Ochs' relationship with Securian dates back to the 1940s when Harry R. Ochs, Tom Ochs' grandfather, helped win passage of a Minnesota law that allowed state employees to deduct benefit premiums from their paychecks. This first foray into payroll deduction was a big step for Ochs, Inc. and for Minnesota Life, which has grown to become the nation's fourth largest group life insurer.

Securian's acquisition of Ochs, Inc. follows a familiar pattern of strategic acquisitions in recent years that enable Securian to expand distribution in a core market.

"This company has been in my family for three generations and I want it to be in good hands when I retire," said Ochs. "Under Securian's ownership, I am confident Ochs, Inc. will continue to grow and provide good jobs for our employees and high-quality products and services for our clients." Ochs, 62, will work with Securian on a succession plan to ensure the agency's continued success.

Ochs, Inc. is a sales and service organization specializing in employee benefit plans for public entities. Located in St. Paul, Minnesota, Ochs, Inc. has relationships with major providers of employee benefits. The Ochs, Inc. team has over 165 years of cumulative experience in the employee benefits industry.

Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation's largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company, Advantus Capital Management, Allied Solutions, Capital Financial Group, Cherokee National Life Insurance Company, CNL/Insurance America, Personal Finance Company, Securian Financial Services, Inc., Securian Casualty Company, Securian Life Insurance Company and Securian Trust Company.

SOURCE Securian Financial Group