Symetra Life Insurance has finalized its reinsurance acquisition of Dearborn Group’s life and disability operations, a move that pushes its L&D portfolio to $1.1bn in premium, according to BestWire.
The deal also brings another 2.5mn covered lives onto Symetra’s books.
The package comes with a multiyear distribution pact with Health Care Service Corp. (HCSC), the parent of Dearborn. Under the agreement, Symetra products will be offered directly to HCSC health customers, widening reach and embedding new channels for growth.
Symetra CEO Margaret Meister called the transaction a reshaping play, one that re-scales a business line already expanding at speed.
Back in July, the company had flagged its intent to assume Dearborn’s business through reinsurance while pairing it with a distribution arrangement linked to HCSC.
The portfolio transfer spans group and individual life policies, accidental death and dismemberment, group short- and long-term disability, paid family and medical leave programs, plus absence management services. Essentially, Symetra takes on the full sweep of Dearborn’s life and disability franchise.
