Business Moves
Fort Dearborn Life Insurance Co., Highmark Life Insurance Company
Chicago-based Fort Dearborn Life Insurance Company, a subsidiary of Health Care Service Corporation., a Mutual Legal Reserve Company, has announced its intent to acquire the life and disability business of Highmark Life Insurance Company. The parties anticipate the closing of this transaction in the next several months with an administrative transition to follow. Fort Dearborn Life expects the acquisition to result in approximately $125 million of additional premium, providing an increase in its market share for long-term disability insurance and solidifying its position as the largest group life insurance carrier in the United States for contracts in-force.
The transaction includes an agreement whereby the group benefits products of Fort Dearborn Life will be marketed through Highmark Life & Casualty Group’s national network of sales offices. In turn, Fort Dearborn Life will refer stop loss insurance opportunities to Highmark Life & Casualty Group.
The acquisition is subject to contingencies, such as regulatory approvals.
Fort Dearborn Life is among the country’s leading providers of employee benefits. Fort Dearborn Life markets group life, short- and long-term disability, group dental and individual annuity programs.
Highmark Life & Casualty Group is a subsidiary of Highmark Inc. and includes Highmark Life Insurance Company, which is licensed in 50 states.
Specialty Underwriters’ Alliance, American Team Managers
Specialty Underwriters’ Alliance Inc. announced that it amended its Partner Agent Program Agreement with American Team Managers to include specialized local and intermediate trucking.
ATM will provide commercial auto, liability and garage coverages through a dedicated retail agent with principals who have an average of over thirty years experience. The program will focus initially in California with potential for expansion.
Courtney Smith, president and chief executive officer of Specialty Underwriters’ Alliance, said the new program provides an opportunity to continue building her company’s relationship with ATM as they have proven to be a valuable Partner Agent. Smith added that the alliance will also help further their goal of balancing Alliance’s book of business between workers’ compensation, general liability, and commercial auto liability. This customer class has an existing book of business of approximately $10 million, which the company expects to transition as it comes up for renewal, she added.
Specialty Underwriters’ Alliance, through its subsidiary SUA Insurance Company, is a specialty property and casualty insurance company that provides commercial insu-
rance products through exclusive wholesale partner agents that serve niche groups of insureds.
These targeted customers require highly specialized knowledge due to their unique risk characteristics. Examples include tow trucks, professional employee organizations, public entities, and contractors. SUA’s innovative approach provides products and claims handling, allowing the partner agent to focus on distribution and customer relationships.