A medical stop-loss player says it wants to sell more high-deductible health insurance, short-term medical insurance, and other fully insured health products.
The company, Independence Holding Company, Stamford, Conn., says it has agreed to acquire Insurers Administrative Corp., Phoenix, a health plan administrator with a product line that includes health savings account plans.
Independence subsidiaries provide stop-loss coverage, or a kind of reinsurance, for many employers with self-funded health plans.
Insurers Administrative administers $220 million in life and health premiums and premium-equivalents for about 125,000 individuals.
Standard Security Life Insurance Company of New York and Madison National Life Insurance Company Inc. already insure about 30% of Insurers Administrative’s business, according to IHC.
When IHC completes the deal, Insurers Administrative will have a network of 50,000 agents, brokers and general agents selling health insurance and related products in 46 states, IHC says.
IHC hopes to complete the deal by Jan. 31.