The Standard will acquire Elevance Health's disability, accidental death and dismemberment, absence management and paid family leave businesses.
According to a March 29 news release, The Standard, a Portland, Ore.-based disability and life insurance and employee benefits provider, will also enter a product distribution partnership with Elevance.
Elevance's life and disability business covers 4.8 million lives in 14 states, according to the release.
The financial terms of the deal were not disclosed.