Zurich American Insurance Company ("ZAIC"), a leading provider of insurance products and services to businesses in multiple industries, has signed an agreement to acquire Special Insurance Services, Inc. ("SIS"), a Texas-based program manager whose offerings include gap medical and occupational accident insurance products. The acquisition will expand ZAIC's supplemental health insurance solutions that help businesses and individuals better manage medical costs.
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, which is expected to be completed in early 2022, will help expand ZAIC's ability to deliver solutions in gap medical, occupational accident and primary employer indemnity insurance.
"As medical costs continue to increase, employers are seeking solutions that enable migration to higher deductible major medical plans while ensuring healthcare affordability for workers. Gap medical is gaining popularity because it can help employees cover their deductibles and coinsurance, reducing out-of-pocket expenses. Through the acquisition of SIS, ZAIC can build our capacity to deliver high-quality supplemental health products like this — products that businesses and workers need, desire and deserve."
- David Fike, Head of Life, Accident and Health for ZAIC.
SIS has capabilities to develop, underwrite, distribute and administer specialty insurance products for small- and midsize employers. SIS has been managing programs since 1987 and today provides some level of administrative services to more than 5,000 employers and their employees, with annual premium of approximately $55 million.
"Zurich and SIS share a commitment to listening to the needs of the marketplace and putting customers first. That's one reason our talented team at SIS looks forward to joining the Zurich family and amplifying our positive impact. Together, we will help solve for some of the most pressing health challenges that businesses and individuals face today."
- SIS President Philip Rearick.
About Zurich
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. In North America, Zurich is one of the largest providers of insurance solutions and services to businesses and individuals. Customers are served through the individual member companies of Zurich, including Zurich American Insurance Company. Life insurance and disability coverage issued in the United States in all states except New York is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company. In New York, life insurance and disability coverage is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company. For more information about the products and services Zurich offers and the people Zurich employs in the U.S. and Canada.