Specialist insurer Beazley has sold its benefits business to Globe Life as the acquirer seeks to enhance its reach in the worksite marketplace.
Beazley Benefits specialises in customised supplemental health solutions for the employee benefits market, with a product line that includes Supplemental Medical, Group Limited Indemnity, Critical Illness, Short Term Disability, and Accidental Death & Dismemberment.
Last year, Beazley Benefits generated approximately $40 million of premium.
The acquisition of Beazley Benefits, which will be rebranded as Globe Life Benefits, represents the latest addition to Globe Life’s advanced portfolio of benefits solutions.
Adrian Cox, Chief Executive Officer (CEO) of Beazley, commented: “Beazley Benefits has provided accident and health insurance solutions in the US since 2010, partnering with producers to offer supplemental health solutions for the employee benefits market.
“It has grown into a profitable business that meets the needs of a solid client base, thanks to our highly experienced team.
“The US employee benefit market operates outside Beazley plc’s core businesses, so to ensure Beazley Benefits maximises its potential, we have agreed to sell our US employee benefits business to Globe Life.”
Globe Life Co-Chairmen and CEOs, Gary Coleman and Larry Hutchison, said: “We are excited about the addition of Beazley Benefits to the Globe Life family. Beazley Benefits offers protection-oriented employee benefits through distribution we can continue to grow.
“This group has a track record of solid growth with a business plan that matches our objectives. We expect a seamless transition, as we have complete confidence in the Beazley Benefits management team and employees. We look forward to welcoming them to Globe Life.”
Brian Thompson, CEO of the newly named Globe Life Benefits division, added: “Our team is excited to be joining a great company that understands the brokers and employers we serve as we continue to grow as a leader and innovator in the employee benefits market.
“Our clients will continue to benefit from the same great service they have come to expect as we transition the business and our team to their new home at Globe Life.”
Prior to the acquisition, which closed on August 1st, 2021, Beazley Benefits was part of Beazley Insurance Company, Inc. in the U.S., a subsidiary of London-based Beazley plc.