Unum – a leading provider of financial protection benefits in the U.S. and the U.K. – today announced the launch of a new product providing stop loss reinsurance coverage for self-insured companies.
Stop loss covers self-insured employers if their employees’ medical claims exceed expectations, cover is triggered if losses surpass an agreed sum, it’s expected to give employers improved flexibility in designing and managing their health plans.
“Entry into this market broadens the scope of financial protection Unum provides and increases the value we bring to employers,” said Rich Williams, senior vice president and general manager of Unum’s new Stop Loss business.
Unum is set to sell policies late summer with effective dates of January 1, 2018, and plans to make the product available throughout the U.S. once rollout is complete.
“This is an important component of our growth strategy,” said Unum US President and CEO Mike Simonds, “We’re capitalizing on our strengths in distribution, scale, and risk management to enter this attractive market.”