Zurich America has bought Texas-based Special Insurance Services (SIS) which develops, underwrites, distributes and administers specialty insurance products for small and midsize employers.
SIS products include gap medical and occupational accident insurance and the firm generates around $55m in annual gross written premium, with more than 5,000 corporate customers and 70 staff.
Its workforce is now part of the life, accident and health business unit within Zurich North America and will continue to serve customers through the SIS brand.
The Zurich Insurance Group subsidiary said the acquisition would expand its ability to deliver supplemental health insurance products and services, particularly gap medical, that are increasingly part of employer benefit packages.
David Fike, head of life, accident and health at Zurich North America, said: “SIS has been delivering supplemental health products and services for over 34 years and deeply understands the needs of employers and employees in this growing market segment.
“Through this acquisition, we now have the ability to underwrite and service under the same roof.”
Philip Rearick, head of distribution at SIS said the insurer worked closely with it to ensure a smooth transition, which gave a lot of confidence and excitement about the road ahead.
Also commenting, Kristof Terryn, CEO of Zurich North America, said: “Financial discipline has allowed our businesses to identify and move on market opportunities that deliver on our strategy and build on our strengths.
“We continue to prioritise investments in distinctive positions where we can bring unique value in the marketplace.”
Health & Protection contacted Zurich to find out how much it paid for SIS.
