According to a press release about the acquisition, OneAmerica purchased the block of fixed income annuity 403(b) business through a reinsurance agreement, but did not disclose the terms of the deal.
The purchase of this block of fixed annuity 403(b) business is expected to increase scale by adding plan participants to the existing 400,000 served currently by the retirement services division of American United Life Insurance Company (AUL), a OneAmerica company.
This acquisition represents another strong step toward growing the OneAmerica enterprise,” said OneAmerica President and CEO Dayton H. Molendorp, in the press release. “We built our retirement business in the 403(b) market more than 40 years ago, and this transaction underscores our commitment to the retirement services franchise.”
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