Security Benefit Life Insurance

In 1892, long before venture capital was a common term, 11 men in Topeka, Kansas, pooled together one dollar each. Their goal was to create a fraternal society that could provide financial protection for working families who couldn't otherwise get it. This organization, initially named The Knights and Ladies of Security, was built on a foundation of community support. The enterprise evolved, and by 1950, it transitioned from a fraternal society into a mutual life insurance company, rebranding as Security Benefit Life Insurance Company. This shift marked a new playbook for the company, allowing it to expand its product offerings and become the largest life insurance company headquartered in Kansas. The company's modern history is defined by a significant acquisition. In 2010, an investor group led by Guggenheim Partners purchased the company, taking it private. This was a pivotal moment. With new leadership and a capital infusion, Security Benefit re-engineered its strategy to focus on innovative retirement products, particularly annuities for the baby boomer generation. This strategic shift led to a dramatic increase in sales, from approximately $1 billion in 2010 to $7 billion by 2013. In 2017, ownership was acquired by Eldridge, a holding company led by Todd Boehly, who had been chairman since the 2010 acquisition, securing the firm's trajectory in the U.S. retirement market.