Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has acquired TMS Re, an ESL managing general underwriter.
The transaction includes TMS Re’s operations, its team of experts and business portfolio, including new and renewal business.
Through this arrangement, Swiss Re Corporate Solutions broadens its ESL capabilities in the self-funded healthcare benefits segment.
The acquisition is expected to further the company’s underwriting expertise, while strengthening its product distribution through TMS Re’s direct broker and third-party administrator relationships.
It will also see the ESL business produced by TMS Re will be written through Swiss Re Corporate Solutions’ US carrier, North American Specialty Insurance Company.
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 market.”
Mike Shevlin, Chairman and CEO of TMS Re, said: “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.”
Travis Micucci, President and COO of TMS Re, said: “This acquisition is great news for our producers and policyholders. 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.”