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June 12, 2020 at 12:18 AM
AXA S.A. has backed away from the U.S. life insurance and annuity markets, but it’s now reaching into the U.S. major medical insurance market.
The Paris-based insurance giant is providing a multi-year quota-share reinsurance arrangement for Friday Health Plans.
Friday is a Denver-based insurer that offers individual and family coverage in Colorado and New Mexico.
(Related: AXA Aims at U.S. Benefits Market With Administration Firm Deal)
Friday was once known as Melody Health Insurance. Melody came to life in 2016. It acquired another carrier, Colorado Choice Health Plans, in 2017.
Friday says the AXA deal will help it “continue expanding its business in current markets and in new states.”
Jérôme Hémard, head of the reinsurance arm of AXA’s life and health international solutions division, said in a statement that AXA looks forward to supporting Friday’s growth and expansion plans.
In other life and health deal news:
Prosperity Life Assurance Ltd., a Bermuda-based reinsurer, has agreed to acquire closed blocks of life, annuity, and accident and health business from National Guardian Life Insurance Company, Madison, Wisconsin, through a reinsurance transaction.
(Related: Former Global Atlantic President to Lead Prosperity Life)
The deal does not include National Guardian Life’s long-term care insurance business.
The blocks involved have about $400 million in combined net statutory reserves.
National Guardian Life says it may invest some of the proceeds in its preneed business. Preneed arrangements help people pay for funerals, burials, cremations, and related products and services.
