Zurich North America has announced a new partnership with IOA Re to expand its Medical Stop Loss Insurance presence in the middle market.
The strategic partnership will enable Zurich to provide solutions for middle-market employers that have self-funded health plans administered by third-party administrators (TPAs).
Pennsylvania-based IOA Re has been underwriting medical stop-loss solutions in the TPA space for over 35 years.
Zurich North America head of specialty health Edward Tyburski said: “IOA has been in business for a very long time with strong relationships and a track record of success.
“IOA’s experience and relationships, together with Zurich’s knowledge and A-rated financial strength, add up to an excellent Medical Stop Loss offering for middle-market employers in the TPA space.”
Stop-loss insurance is bought by employers who self-fund their employee benefit plans, but do not want to take full responsibility for any fatal losses.
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Under this policy, the insurer becomes liable for losses above a deductible or retention amount given in the policy.
IOA Re CEO John Parker said: “IOA Re is very pleased to add Zurich as the newest member of our prestigious carriers and reinsurers.”
“We recognize this collaboration as an outstanding opportunity to write mutually beneficial business for both IOA and Zurich.”
Zurich North America is a part of Zurich Insurance Group, which serves its customers in global and local markets.
In March this year, Zurich Insurance Company teamed up with Previsico on a pilot project that aims to reduce risks associated with surface water flooding.