Zurich American Insurance Company (ZAIC) has signed an agreement to acquire Special Insurance Services (SIS) for an undisclosed sum.
SIS is a Texas-based programme manager that provides gap medical and occupational accident insurance offerings.
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It can develop, underwrite, distribute, and administer specialty insurance products for small- and midsize companies.
The deal, which is expected to close in early 2022, is expected to expand ZAIC’s capabilities to offer supplemental health cover such as gap medical, occupational accident solutions.
SIS, which has an annual premium of $55m, has been managing programmes since 1987 and caters to over 5,000 employers and their employees.
ZAIC head of life, accident and health David Fike said: “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.
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By GlobalData“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.”
ZAIC’s accident and health product portfolio for employers includes travel insurance and assistance, voluntary benefits, gap medical, medical stop-loss, occupational accident, and student accident insurance.
SIS president Philip Rearick said: “Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first.
“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.”
