Symetra Life Insurance coverage Firm has agreed to amass the life and incapacity (L&D) enterprise of Dearborn Group, a subsidiary of Well being Care Service Company (HCSC).
The acquisition can be executed by means of a reinsurance transaction, with monetary phrases stay undisclosed.
Dearborn Group affords employer teams a spread of ancillary advantages corresponding to life, incapacity, dental, imaginative and prescient, supplemental well being and medical protection within the US.
With this transaction, Symetra will assume duty for Dearborn Group’s portfolio, which incorporates group and particular person life insurance coverage, unintentional loss of life and dismemberment, and each short-term and long-term group incapacity insurance coverage.
Moreover, the acquisition covers paid household go away, medical go away, and absence administration providers.
Moreover, Symetra has signed a product distribution settlement with HCSC.
Underneath the phrases of the settlement, as soon as the transaction is closed, Symetra’s L&D merchandise can be distributed solely to HCSC’s healthcare clients for a multi-year interval.
The completion of the transaction is projected for the latter half of 2025, pending the regulatory consents and customary closing situations.
Symetra Monetary Company CEO and president Margaret Meister stated: “Symetra’s strategic plan envisions alternatives throughout many components of our enterprise. Dearborn Group’s well-regarded life and incapacity enterprise enhances our personal, permitting us to succeed in a wider vary of employer teams and accelerating the expansion of our workforce advantages line.
“As well as, the distribution settlement with HCSC will considerably broaden the attain of our workforce advantages merchandise.”
Following the completion of the deal, Dearborn Group goals to redirect its focus in the direction of its dental, imaginative and prescient, and supplemental well being product traces, which have been experiencing development.
HCSC chief technique officer and Diversified Companies president Arun Prasad acknowledged: “This settlement additional enhances the main focus of HCSC and Dearborn Group on increasing entry to well being care by offering market-leading options essential to being the associate of selection for the well being advantages and care coordination wants of people of all ages and all reimbursement preparations.
“Concurrently, the transaction supplies our life and incapacity clients with a associate that may additional improve the worth of the providers supplied to them.”
