US-based Globe Life has acquired Beazley Benefits for an undisclosed sum to enhance reach in the worksite market.
The acquired firm specialises in bespoke supplemental health solutions for the employee benefits market.
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Its product line includes supplemental medical, group limited indemnity, critical illness, short term disability, and accidental death & dismemberment.
Beazley Benefits, which generated approximately $40m of premium in 2020, was a part of Beazley Insurance Company in the US, which is a subsidiary of London-based speciality insurer Beazley.
It has been offering accident and health insurance solutions in the US since 2010, partnering with producers to offer supplemental health solutions for the employee benefits market.
Globe Life stated that Beazley Benefits’ acquisition augments its portfolio of benefits solutions, which will be rebranded as Globe Life Benefits.
Globe Life co-chairmen and CEOs Gary Coleman and Larry Hutchison said: “Beazley Benefits offers protection-oriented employee benefits through distribution we can continue to grow. This group has a track record of solid growth with a business plan that matches our objectives.”
Beazley CEO Adrian Cox said: “Beazley Benefits has provided accident and health insurance solutions in the US since 2010, partnering with producers to offer supplemental health solutions for the employee benefits market.
“The US employee benefits market operates outside Beazley plc’s core businesses, so to ensure Beazley Benefits maximizes its potential, we have agreed to sell our US employee benefits business to Globe Life.”
Globe Life Benefits CEO Brian Thompson said: “Our team is excited to be joining a great company that understands the brokers and employers we serve as we continue to grow as a leader and innovator in the employee benefits market.”
