Chicago-based Fort Dearborn Life Insurance Co., a subsidiary of Health Care Service Corp. (HCSC), a Mutual Legal
Reserve Company, has completed the acquisition of the life and disability business of HM Life Insurance Company (formerly Highmark Life Insurance Company).
“Fort Dearborn Life is committed to growing its group life and
disability business,” said Larry Newsom, president and CEO of Fort Dearborn Life. “The employer-employee relationship remains a cost-effective and efficient way to reach consumers, and this acquisition is an important strategic step to fostering an expansion of our distribution system.”
The acquisition will result in approximately $90 million of additional
premium, providing an increase in Fort Dearborn Life’s market share for long-term disability insurance and solidifying its position as one of the largest group life insurance carriers in the United States, according to the company’s written statement.
Fort Dearborn Life’s group benefits products will be marketed through
HM Insurance Group’s national network of sales offices. In turn, Fort
Dearborn Life will refer stop loss insurance opportunities to HM Insurance Group. HM Insurance Group will continue to focus on growing their block of stop loss business as well as to expanding the limited benefit medical plan and worksite products that complement group employee benefit plans.
This transaction does not include the life and disability business of
HM Life Insurance Company of New York.
Fort Dearborn Life identifies itself as 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.
HM Insurance Group is licensed in 50 states. The Group’s product portfolio consists of employer stop loss insurance, limited benefit medical plans, worksite products, and workers compensation (in Pennsylvania only).
Source: Fort Dearborn Life Insurance Company
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