HM Insurance Group has agreed to buy an employer health plan stop-loss business with about $100 million in annual premium revenue from Mutual of Omaha.
HM, a unit of Highmark Inc., Pittsburgh, is not saying how much it will pay for the business, but it says it will ensure continuity by keeping a regional stop-loss business in Omaha, Neb.
HM now generates about $420 million in annual stop-loss premium.
Mutual of Omaha, Omaha, says it is selling its business because it wants to move away from writing traditional health insurance and focus on core products.
The companies hope to close July 1.