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Symetra Agrees To Buy Stop-Loss Underwriter

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Symetra Financial Corp. today announced it has agreed to acquire Medical Risk Managers Inc., South Windsor, Conn.

Symetra, Bellevue, Wash., says it expects to close the deal by the end of the second quarter. It did not disclose terms of the transaction.

MRM is a managing general underwriter and health care network consulting firm specializing in the stop-loss market. Symetra says the acquisition will strengthen its stop-loss portfolio and increase penetration in the employee benefits market.

Stop-loss policies help employers protect self-funded health care plans against potentially catastrophic claims.

MRM will remain in South Windsor and manage staff and operations independently as a wholly owned subsidiary of Symetra. According to the announcement, Mike McLean, chief executive officer of MRM, will stay on as head of the company, which will continue to underwrite self-funded business on behalf of a number of partners in addition to Symetra.