Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer

PHILADELPHIA--(BUSINESS WIRE)--Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals. Once the acquisition is completed, Reliance Standard will be the third largest provider of New York Disability Benefit Law (DBL) insurance, with roughly 10% of the market.1