Swiss Re Corporate Solutions has completed the acquisition of IHC Risk Solutions and its direct employer stop loss (ESL) business from Independence Holding Company (IHC) and American Independence (AMIC), for around $152m.
The deal was first announced by both firms in January this year.
AMIC and its subsidiaries will secure around 89% from the total consideration and IHC another subsidiary Standard Security Life Insurance Company of New York (SSL) will receive the remaining balance.
IHC Risk Solutions’ former president Mike Kemp will serve as head of the North America accident and health business unit of Swiss Re Corporate Solutions, as the deal concluded.
The deal is expected to expand Swiss Re’s ESL capabilities in the small- and middle-market self-funded healthcare benefits segment, in addition to underwriting and claims management capabilities.
Additionally, the business offered by IHC Risk will be written through Swiss Re’s US carrier Westport Insurance.
With around 100 employees, IHC Risk provides services in Arizona, Connecticut, Illinois, Indiana and New Jersey.
Swiss Re offers insurance solutions to mid-sized and large multinational corporations across the globe and IHC runs life and health insurance business.
Image: Swiss Re Corporate Solutions has acquired IHC Risk Solutions from Independence Holding Company and American Independence. Photo: courtesy of stockimages / FreeDigitalPhotos.net.