Swiss Re Corporate Solutions has acquired US-based independent ESL managing general underwriter (MGU) TMS Re for an undisclosed sum.

The deal, which has received all necessary regulatory approval, comprises TMS Re’s operations, its team and business portfolio, including new and renewal business.

TMS Re enhances Swiss Re Corporate Solutions’ capabilities in the self-funded healthcare benefits space.

Swiss Re Corporate Solutions North America CEO Ivan Gonzalez said: “TMS Re is an MGU partner that shares our strategic view and commitment to customer service and operational excellence. Its team has extensive experience and deep expertise.”

Gonzalez noted that combining distribution, underwriting and capital management capabilities will expand Swiss Re Corporate Solutions’ reach in the US accident & health market.

Swiss Re Corporate Solutions will retain all TMS Re employees and plans to write ESL business produced by TMS Re through its US carrier North American Specialty Insurance Company in time to come.

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TMS Re chairman and CEO Mike Shevlin said: “We are excited to join the Swiss Re team to further leverage the resources of a global reinsurance organization and enable more producers and their clients to access the risk expertise of a recognized leader in the A&H space.”

Last month, Swiss Re revealed plans to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International.

elipsLife caters to institutional clients such as pension funds, collective foundations, companies, and associations.