Zurich-based reinsurance company Swiss Re has acquired TMS Re, an ESL managing general underwriter, a report from Reinsurance News has revealed.
The transaction included TMS Re’s operations, its team of experts and business portfolio, including new and renewal business.
Swiss Re said that the acquisition will enable it to broaden its ESL capabilities in the self-funded healthcare benefits segment. The take-over is also expected to further the company’s underwriting expertise, while strengthening its product distribution through TMS Re’s direct broker and third-party administrator relationships.
The acquisition follows a series of partnerships announced by Swiss Re. Including a partnership with Baidu to provide insurance products for the company’s autonomous driving business, an alliance with InsurTech Claim Genius for AI-powered motor insurance, and a strategic partnership with ICEYE to improve its flood risk management capabilities.
Ivan Gonzalez, North America CEO of Swiss Re Corporate Solutions, said, “TMS Re is an MGU partner that shares our strategic view and commitment to customer service and operational excellence. Its team has extensive experience and deep expertise.
“Combining our distribution, underwriting and capital management capabilities will expand our reach in the US A&H [accident and health] market.”
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