SWISS RE CORPORATE SOLUTIONS TO ACQUIRE IHC RISK SOLUTIONS

Swiss Re Corporate Solutions has agreed to acquire US employer stop-loss underwriter IHC Risk Solutions from Independence Holding Co for $152m in cash. The deal includes IHC’s operations, staff and the portfolio of in-force, new and renewal business written by its Standard Security Life Insurance of New York and Independence American Insurance units. Under the deal, business produced by IHC will be written through Swiss Re Corporate Solutions’ largest US carrier, Westport Insurance. The Swiss Re subsidiary, which serves mid-sized and large multinational clients, said that the transaction will broaden its employer stop-loss capabilities in the small- and middle-market self-funded healthcare benefits segment and enhance its underwriting, claims management and distribution capabilities. IHC has more than 100 employees in Arizona, Connecticut, Illinois, Indiana and New Jersey. The transaction is subject to regulatory approval and is expected to close during the first quarter of 2016. Swiss Re said the acquisition is expected to be accretive to earnings this year.