National Guardian Life Insurance Company ("NGL") and New York-based Insurance Capital Group ("ICG") have launched a new strategic partnership.
In a statement, NGL said that NGL and ICG, through its Federal Life Group, Inc., affiliate, have jointly developed and launched a national dental and vision insurance business called BrightBenefits, which will be led by insurance industry veteran Danny Bentley. BrightBenefits policies will be issued by Commercial Travelers Insurance Company, an affiliate of NGL in which Federal Life will make a "significant equity investment," subject to receiving regulatory approval, NGL said.
"This new strategic partnership with ICG allows NGL to diversify its investments into new markets without losing its focus on being a leading provider of preneed insurance for customers nationwide. ICG brings exceptional talent and additional capital to this partnership that will allow growth in new and exciting ways," said Knut A. Olson, NGL's president and chief executive officer.
"We are honored to have been selected by NGL as its strategic partner and we are extremely excited about the launch of BrightBenefits and the broader strategic partnership with NGL. We are confident that BrightBenefits, led by its talented management team, will develop into one of the nation's leading vision and dental platforms," said Matt Popoli, founder and chief executive officer of ICG and a director of Federal Life.
"Our goal for BrightBenefits is to be a trusted partner and leading provider of employee benefits products and services that help employers and their employees protect their families," said Mr. Bentley.
NGL said that BrightBenefits will offer both employer and employee paid dental and vision insurance and will look to expand the product offerings as the company grows.
Mr. Bentley most recently served as president of Davis Vision, the nation's third largest vision insurer with approximately 22 million members.
He began his career at Protective Life, where he introduced the nation's first voluntary dental product. He later joined A.G. Edwards' investment banking business, serving as a managing director and head of the firm's insurance practice before rejoining the insurance industry.
The closing of the investment by Federal Life is subject to certain regulatory approvals, including the approval by the New York State Department of Financial Services and the Wisconsin Office of the Insurance Commissioner.
Foley & Lardner LLP is serving as legal counsel, and Grace Global Capital LLC as financial advisor to NGL. Purrington Moody and Debevoise & Plimpton are serving as legal counsel, and Insurex, LLC, as financial advisor to ICG and Federal Life.
Learn more: www.nglic.com; www.insurancecap.com; and www.federallife.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].