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.
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.
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.
The companies say they hope to close on the deal “in mid-2020.”
MAS Advisors LLC, Miami, a investment advisory firm, has acquired Synergy Life Brokerage Group LLC, New York.
Synergy is an insurance marketing organization (IMO) with a network of about 650 insurance advisors.
Robert Stuchiner, Synergy’s founder, will continue to guide the IMO, MAS says.
Robert Becerra, director of new business at MAS Advisors, will help run Synergy’s day-to-day-operations, MAS says.
The IMO’s leadership team will also include Stephanie Alper-Lisi and Jeff Patterson.
Milliman Inc., Seattle, has acquired healthIO, Brookfield, Wisconsin.
HealthIO provides preventive health monitoring for employer health plan sponsors and health care providers. It has developed a system for predicting which patients are likely to have high-cost events. It arranges for health advocates to help the high-risk enrollees get good care.
HSA Bank, Milwaukee, a division of Webster Financial Corp., has agreed to acquire a block of 24,000 health savings accounts from State Farm Mutual Automobile Insurance Company’s savings back unit.
The accounts hold about $140 million in deposits, or about $5,800 per HSA.
The companies hope to close on the deal by Sept. 30.
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