Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Fort Dearborn To Acquire Highmark Unit

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

A Midwestern insurer is buying a group benefits business.

Fort Dearborn Life Insurance Company, a unit of Health Care Service Corp., Chicago, has agreed to acquire the group life and group disability business of Highmark Life Insurance Company, a unit of Highmark Inc., Pittsburgh.

Fort Dearborn Life is not saying how much it is paying for Highmark Life, which generates about $125 million in premium revenue per year, but the companies say they hope to complete the deal in the next few months.

Fort Dearborn Life is making the deal to expand its group insurance business, and Highmark Life is selling to get capital to invest in its medical stop-loss operations and in benefits product development efforts, company executives say.

Both Fort Dearborn Life and Highmark Life have strong ties to the world of Blue Cross and Blue Shield health carriers.

Health Care Service is the parent of Blue Cross and Blue Shield of Illinois, and Highmark is the parent of a large Pennsylvania Blue Cross and Blue Shield carrier.

The deal includes an agreement that would call for Highmark Life national sales offices to sell Fort Dearborn Life products and for Fort Dearborn Life to refer stop-loss clients to Highmark Life.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.