Zurich American Insurance Co. signs agreement to acquire Special Insurance Services, Inc.
Zurich American Insurance Company (ZAIC) announced its agreement to acquire Special Insurance Services, Inc. (SIS), a Texas-based program manager specializing in gap medical and occupational accident insurance. This acquisition, expected to finalize in early 2022, will enhance ZAIC's supplemental health insurance offerings, addressing the growing demand for affordable healthcare solutions amidst rising medical costs. SIS, which serves over 5,000 employers with an annual premium of approximately $55 million, brings valuable expertise in managing specialty insurance products.
- Acquisition of SIS enhances ZAIC's supplemental health insurance solutions.
- SIS has experience managing programs since 1987 with strong market presence.
- Anticipated annual premium contribution from SIS is approximately $55 million.
- None.
SCHAUMBURG, Ill., Nov. 11, 2021 /PRNewswire/ -- Zurich American Insurance Company ("ZAIC"), a leading provider of insurance products and services to businesses in multiple industries, has signed an agreement to acquire Special Insurance Services, Inc. ("SIS"), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. The acquisition will expand ZAIC's supplemental health insurance solutions that help businesses and individuals better manage medical costs.
ZAIC's Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational accident and student accident insurance. The acquisition of SIS, which is expected to be completed in early 2022, will help expand ZAIC's ability to deliver solutions in gap medical, occupational accident and primary employer indemnity insurance.
"As medical costs continue to increase, employers are seeking solutions that enable migration to higher deductible major medical plans while ensuring healthcare affordability for workers," said David Fike, Head of Life, Accident and Health for ZAIC. "Gap medical is gaining popularity because it can help employees cover their deductibles and coinsurance, reducing out-of-pocket expenses. Through the acquisition of SIS, ZAIC can build our capacity to deliver high-quality supplemental health products like this — products that businesses and workers need, desire and deserve."
SIS has capabilities to develop, underwrite, distribute and administer specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987 and today provides some level of administrative services to more than 5,000 employers and their employees, with annual premium of approximately
"Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first," said SIS President Philip Rearick. "That's one reason our talented team at SIS looks forward to joining the Zurich family and amplifying our positive impact. Together, we will help solve for some of the most pressing health challenges that businesses and individuals face today."
About Zurich
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada, please visit www.zurichna.com.
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This is intended as a general description of certain types of insurance available to qualified customers in applicable states, provided solely for informational purposes. Insurance coverages are provided by Zurich American Insurance Company, a New York domiciled company with its principal place of business at 1299 Zurich Way, Schaumburg, IL 60196 (NAIC #16535). The terms and conditions of policies described in this brief summary are governed by the individual policy document that contains the complete terms. In the event of any discrepancy between the information in this brief summary and the policy, the policy document shall govern. SIS is not currently a subsidiary or affiliate of Zurich. Use of SIS products and services is independent of, and not included within, Zurich products or services at this time. Zurich expressly disclaims any and all damages and other costs that may arise related to the use of or reliance upon other products, services, representations or warranties made by or on behalf of SIS.
Certain statements in this news release are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, developments or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, developments, plans and objectives to differ materially from those expressed or implied in the forward-looking statements. The subject matter of this information is not tied to any specific insurance product nor will adopting these policies and procedures ensure coverage under any insurance policy.
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SOURCE Zurich North America
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