Zurich American Insurance Company (“ZAIC”), a subsidiary of Zurich Insurance Group (Zurich), announced today that it has completed the acquisition of Special Insurance Services, Inc. (“SIS”), a Texas-based program manager that develops, underwrites, distributes and administers specialty insurance products for small and midsize employers. SIS, whose offerings include gap medical and occupational accident insurance, generates approximately $55 million in annual gross written premium and counts more than 5,000 employers as customers.
As medical costs continue to rise and employers shift to high-deductible plans, supplemental health insurance products can help employees cover deductibles and co-pays, protecting them from unexpected out-of-pocket expenses. The acquisition of SIS expands ZAIC’s ability to deliver supplemental health insurance products and services, particularly gap medical, that are increasingly part of employer benefit packages.
“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,” said David Fike, Head of Life, Accident and Health (LA&H) at Zurich North America. “Through this acquisition, we now have the ability to underwrite and service under the same roof. As we worked with SIS to finalize the acquisition, we gained an even greater appreciation of SIS’ expertise and their ability to deliver tailored solutions to Zurich customers. Today, we welcome them to Zurich and are happy to call them colleagues.”
The SIS work force, numbering approximately 70 employees in Texas, now is part of the LA&H business unit within Zurich North America and will continue to serve customers through the SIS brand.
“Zurich’s Life, Accident and Health and Human Resources teams worked closely with us to ensure a smooth transition, which gave us a lot of confidence and excitement about the road ahead,” said SIS Head of Distribution Philip Rearick. “Combining our strengths with Zurich’s is a great way to start the new year. Together we intend to provide best-in-class products and services in the supplemental health space.”
“Financial discipline has allowed our businesses to identify and move on market opportunities that deliver on our strategy and build on our strengths,” said Kristof Terryn, CEO of Zurich North America. “This acquisition reflects our commitment to listen to what our customers need, to offer innovative products and services, and to simplify our delivery of these solutions. We continue to prioritize investments in distinctive positions where we can bring unique value in the marketplace.”
ZAIC’s Accident and Health products for employers and other groups include voluntary benefits, travel insurance and assistance, gap medical, medical stop-loss, occupational accident and student accident insurance. The acquisition of SIS expands ZAIC’s ability to deliver not only gap medical but also occupational accident and primary employer indemnity insurance.
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