Zurich American Insurance Company (ZAIC) is set to acquire medical and occupational accident insurance firm Special Insurance Services (SIS) for an undisclosed amount.
According to Insurance News Net, the acquisition will expand ZAIC’s supplemental health insurance solutions that help companies and individuals better manage medical costs.
The publication added that the purchase will help ZAIC expand its ability to deliver solutions in gap medical, primary employer indemnity and occupational accident insurance and is expected to be finalised in early next year.
ZAIC head of life, accident and health David Fike said, “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.”
SIS president Philip Rearick added, “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.”
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