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January 7, 2002
Ohio National, Security Mutual Acquire New York-Based Company

Cincinnati, Ohio and Binghamton, New York -- Ohio National Financial Services, Inc., and Security Mutual Life Insurance Company of New York today announced the completion of the acquisition of First ING Life Insurance Company of New York from Security Life of Denver. Following closing, the company will be renamed National Security Life and Annuity Company. National Security will be headquartered in Binghamton, New York. Terms of the acquisition were not disclosed.

The closing follows regulatory approval of the acquisition of the company by the New York Insurance Department. The new company will market individual variable life insurance and individual fixed and variable annuity products both through representatives affiliated with Security Mutual and with Ohio National. It is anticipated that products will be available for sale in mid 2002.

David B. O’Maley, Ohio National Chairman, President and Chief Executive Officer, and Bruce W. Boyea, Security Mutual Chairman, President and Chief Executive Officer, had announced plans last year for a strategic alliance in the New York market. They jointly made the acquisition announcement today.

“We are very pleased that we can now aggressively move forward with the plans to operate National Security Life and Annuity Company. We are excited about the opportunity to further expand our strong growth and market reach through National Security,” said O’Maley. “Life insurance and asset accumulation businesses represent our strategic growth areas, and our new venture helps us to capitalize on our rapidly expanding bank and stock brokerage affiliations. Through National Security, we look forward to entering the New York market with a very competitive product portfolio, and to supporting the sale of variable products by Security Mutual’s sales organization.”

Boyea stated: “The acquisition will advance our strategy of targeted growth by adding diversity to our product offerings and services. Variable products will enhance our ongoing insurance marketing efforts and provide us with yet another tool to use in our quest to become the company of choice for independent agents. Our affiliation with Ohio National through National Security allows us to expedite our entry into the variable arena and provide our clients an extremely competitive lineup of variable products with brand-name fund managers. Moreover, this arrangement allows us to share in important economies of scale, which will benefit our policyholders.”

Tracing its origins to 1909, Ohio National had more than $10.3 billion of assets under management at September 30, 2001. Ohio National currently markets a wide variety of competitive insurance and financial products in 47 states (all except Alaska, Hawaii and New York). In December, Ohio National also announced an agreement to acquire Suffolk Capital Management, a New York-based institutional asset manager with more than $2.8 billion of assets under management as of September 30, 2001.

Security Mutual, based in Binghamton, NY, was founded in 1886 and is licensed to do business in all 50 states and the U.S. Virgin Islands. Security Mutual is a fast-growing provider of traditional life insurance, individual annuities and group employee benefits. It offers a variety of products and services to individuals, businesses and pension plans. Based on Security Mutual’s continued focus on growing the wealth preservation market for high net worth and affluent individuals and the worksite market, the company has realized significant sales growth during the preceding four years. Security Mutual had $1.5 billion of assets as of September 30, 2001.

 

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©2014 Ohio National Financial Services, Inc.
Product Issuers: The Ohio National Life Insurance Company
and Ohio National Life Assurance Corporation
Registered Products Distributed by: Ohio National Equities, Inc.
Member FINRA
One Financial Way | Cincinnati, Ohio 45242
513.794.6100