Swiss Re Company Options snaps up impartial MGU
Swiss Re Corporate Solutions announced the acquisition of TMS Re, an independent ESL Managing General Underwriter. The transaction includes the operation of TMS Re, its team and its business portfolio, including new and renewal business. The terms of the transaction were not disclosed.
The transaction expands Swiss Re Corporate Solutions’ ESL capabilities in the self-financed healthcare segment and enhances its underwriting expertise. The transaction also strengthens the company’s product sales through TMS Re’s direct broker and third party administration relationships.
“TMS Re is an MGU partner who shares our strategic vision and commitment to customer service and operational excellence,” said Ivan Gonzalez, North America CEO, Swiss Re Corporate Solutions. “The team has extensive experience and in-depth specialist knowledge. The combination of our sales, underwriting and capital management capabilities will expand our reach in the United States [accident and health] Market.”
“We are excited to join the Swiss Re team to further leverage the resources of a global reinsurance organization and give more producers and their clients access to the risk expertise of a recognized leader in A&H,” said Mike Shelvin. Chairman and CEO of TMS Re.
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“This acquisition is great news for our producers and policyholders,” said Travis Micucci, President and COO of TMS Re. “Mike and I started this company by building long-term relationships with brokers and clients that complement Swiss Re’s strengths and enhance the value proposition.”
Swiss Re Corporate Solutions intends, in due course, that the ESL business written by TMS Re will be conducted by Swiss Re Corporate Solutions through the US carrier North American Specialty Insurance Company.
As part of the acquisition, TMS Re employees will become Swiss Re Corporate Solutions employees.