Security Benefit

Security Benefit Life Insurance Company began as a fraternal organization: its corporate history traces to 1892, when it was founded as the Knights and Ladies of Security.[1][2] A Delaware examination report summarizes that the company later merged with the National American Association in 1919 and evolved into a modern life insurer, reflecting a common path for fraternal groups that professionalized as insurance regulation and actuarial standards matured.[2] Security Benefit's own 'Our Story' narrative emphasizes that heritage and highlights later strategic moves as the company broadened into retirement products.[1] A pivotal modern ownership shift came in 2010, when Guggenheim Partners-affiliated investors acquired Security Benefit, a change the company describes as enabling growth and investment in product and service capabilities.[1] Since then, Security Benefit has been closely associated with fixed and indexed annuities designed for retirement income, distributed heavily through independent agents and advisors.[1] Managing long-duration guarantees requires careful investment strategy and risk transfer. Security Benefit notes that it entered a risk-sharing arrangement with Lloyd's of London related to its fixed indexed annuity book, underscoring how reinsurers and risk partners can be used to manage exposure and support growth.[1] Through economic cycles - especially the low-rate era after 2008 - the opportunity for Security Benefit has been focusing on retirement-income niches where product design, distribution relationships, and disciplined balance-sheet management can differentiate a mid-sized carrier.[1][2]

Sources: [1] https://www.securitybenefit.com/about/about-security-benefit/our-story (Security Benefit - Our Story) ; [2] https://insurance.delaware.gov/wp-content/uploads/sites/15/2022/05/SecurityBenefitLifeInsuranceCompany2020web.pdf (Delaware Dept. of Insurance exam report (Security Benefit Life Insurance Company))