Each week, Life Insurance International editors select a deal that illustrates the themes driving change in our sector. The deal may not always be the largest in value, or the highest profile. But we select it because of what it tells us about where the leading companies are focusing their efforts, and why. We pick apart the deal itself, and the industry theme behind it.

This new, thematic deal coverage is driven by our underlying Disruptor data which tracks all major deals, patents, company filings, hiring patterns and social media buzz across our sectors. 

The deal

Tokio Marine Holdings has reached a definitive deal to purchase Gulf Guaranty Employee Benefit Services (GGEBS), a US-based managing general underwriter of gap medical insurance.

The Japanese insurer executed the transaction via its US unit, HCC Insurance Holdings (Tokio Marine HCC).

With a focus on SMBs, GGEBS underwrites and administers group gap medical cover. 

Why it matters

Tokio Marine HCC – Stop Loss Group president Jay Ritchie said: “Tokio Marine HCC – Stop Loss Group believes that MedPlus enhances our existing business, and we enthusiastically welcome Gulf Guaranty’s employees to the Tokio Marine HCC family.” 

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Tokio Marine HCC CEO stated: “Group gap medical coverage is an attractive addition to Tokio Marine HCC’s large and diversified portfolio of speciality insurance products. This acquisition provides a complementary niche product to our first-class medical stop loss franchise.”

The detail

Established in 1970, the company reported $57m in gross written premiums (GWP) as of FY2022.

Tokio Marine HCC specialises in medical stop loss, agriculture, professional liability, and directors’ & officers’ liability services.

The business reported $7.36bn in GWP in FY2022.

Through the deal, which awaits regulatory clearance, Tokio Marine HCC looks to capitalise on the growth in the gap medical insurance space and diversify its business.

The deal is scheduled to complete in the third quarter of this year.

Recently, Tokio Marine was in the news for appointing Goldman Sachs and Jefferies to divest its life insurance operations in Singapore, Thailand, Indonesia, and Malaysia.