Swiss Re Corporate Solutions has announced that it has acquired TMS Re, an independent ESL managing general underwriter. The deal includes TMS Re’s operations, its team and its business portfolio, including new and renewal business. The terms of the transaction were not disclosed.
The deal broadens Swiss Re Corporate Solutions’ ESL capabilities in the self-funded healthcare benefits segment and enhances its underwriting expertise. The transaction also strengthens the company’s product distribution through TMS Re’s direct broker and third-party administrator relationships.
“TMS Re is an MGU partner that shares our strategic view and commitment to customer service and operational excellence,” said Ivan Gonzalez, North America CEO of Swiss Re Corporate Solutions. “Its team has extensive experience and deep expertise. Combining our distribution, underwriting and capital management capabilities will expand our reach in the US [accident and health] market.”
“We’re excited to join the Swiss Re team to further leverage the resources of a global reinsurance organization and enable more producers and their clients to access the risk expertise of a recognized leader in the A&H space,” 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 founded this company by building long-term relationships with brokers and clients, which will complement Swiss Re’s strengths and enhance the value proposition.”
Swiss Re Corporate Solutions intends that, in due course, ESL business written by TMS Re will be written through Swiss Re Corporate Solutions’ US carrier, North American Specialty Insurance Company.
Under the terms of the acquisition, TMS Re staff will become employees of Swiss Re Corporate Solutions.