Companion Life Insurance acquires Summit Reinsurance
Columbia, S.C.-based Companion Life Insurance has purchased Indiana-based Summit Reinsurance Services, a re-insurer of HMOs and insurance companies and managing general underwriter of stop loss coverage for employer health plans.
The acquisition includes Summit’s headquarters in Fort Wayne, Ind., and its offices in Minneapolis, Denver, Chicago, Charlotte, N.C., Jacksonville, Fla., and Indianapolis. Summit has 26 employees and an estimated annual premium of $65 million.
“Although under new ownership, Summit Re’s focus on value, service and financial strength to protect client balance sheets remains unchanged,” said Companion Life President Trescott N. Hinton Jr. “The acquisition by Companion Life provides Summit Re an even stronger financial foundation for continued profitable growth.”
Summit will retain its name and continue to operate independently, with its core management team in place in their current model. Mark Troutman will continue serving as its president, according to Hinton.
Formerly an independent general underwriter, Summit was established in 1999. The company has worked with Companion Life as a managing general underwriter since January 2004 and offers a full range of services including underwriting, policy binding, contract issuance, premium collection and claim payment. In addition to employer stop loss, it provides life, accidental death and short- and long-term disability coverage through Companion Life.
Summit also underwrites managed care medical excess business on behalf of Swiss Re, sells and administers reinsurance coverage for commercial, Medicare and Medicaid risks and offers consulting on product and service needs as well as on managed care.
“Summit Re will continue to serve HMOs, insurance companies, self-funded employers and other risk-assuming entities by providing effective risk management and comprehensive managed care resources, delivered with the highest standard of professional performance and superior customer service,” said Troutman. “We look forward to the partnership between Companion Life and Summit Re.”
