Symetra Life Insurance Company has agreed to acquire the life and disability (L&D) business of Dearborn Group, a subsidiary of Health Care Service Corporation (HCSC).  

The acquisition will be executed through a reinsurance transaction, with financial terms remain undisclosed. 

Dearborn Group offers employer groups a range of ancillary benefits such as life, disability, dental, vision, supplemental health and medical coverage in the US. 

With this transaction, Symetra will assume responsibility for Dearborn Group’s portfolio, which includes group and individual life insurance, accidental death and dismemberment, and both short-term and long-term group disability insurance.  

Additionally, the acquisition covers paid family leave, medical leave, and absence management services. 

Furthermore, Symetra has signed a product distribution agreement with HCSC.  

Under the terms of the agreement, once the transaction is closed, Symetra’s L&D products will be distributed exclusively to HCSC’s healthcare customers for a multi-year period. 

The completion of the transaction is projected for the latter half of 2025, pending the regulatory consents and customary closing conditions. 

Symetra Financial Corporation CEO and president Margaret Meister said: “Symetra’s strategic plan envisions opportunities across many parts of our business. Dearborn Group’s well-regarded life and disability business complements our own, allowing us to reach a wider range of employer groups and accelerating the growth of our workforce benefits line.  

“In addition, the distribution agreement with HCSC will significantly broaden the reach of our workforce benefits products.”  

Following the completion of the deal, Dearborn Group aims to redirect its focus towards its dental, vision, and supplemental health product lines, which have been experiencing growth. 

HCSC chief strategy officer and Diversified Businesses president Arun Prasad stated: “This agreement further enhances the focus of HCSC and Dearborn Group on expanding access to health care by providing market-leading solutions critical to being the partner of choice for the health benefits and care coordination needs of individuals of all ages and all reimbursement arrangements.  

“Concurrently, the transaction provides our life and disability customers with a partner that will further enhance the value of the services provided to them.”