The acquisition, announced in September, has received the required regulatory approvals, according to a Securian press release (see Securian to Acquire Capital Financial Group).
“The transaction is unusual because few insurance companies currently are adding to their broker/dealer operations,’ Securian said in the release. “Also, the acquired company will operate with a great deal of autonomy, as is often the case with companies Securian acquires.’ Securian also said as a result of the agreement, CFG and Securian Financial Services (SFS), Securian’s broker/dealer, will benefit from increased efficiency and more product and service offerings.
“To be able to continue to run CFG and H. Beck in the same manner as we have since we founded the companies was very important to us,’ said Eric Meyers, president and CEO, Capital Financial Group, in the release. “Securian’s financial strength also was a major factor in our decision to sell to them. Given all that’s happened since we announced the acquisition in mid-September, we feel we made a good decision.’