Fort Dearborn Life Insurance Co., a Chicago subsidiary of Health Care Service Corp., said Thursday that it had completed the purchase of HM Life Insurance Co.’s life and disability business.
The deal brings with it about $90 million of premium, boosting Fort Dearborn Life’s share of the long-term disability insurance market and solidifying its position among the largest group life insurers.
Fort Dearborn Life's group benefits products are to be marketed through HM Insurance Group's national network of sales offices. In return, Fort Dearborn Life is to refer stop-loss insurance prospects to HM Insurance Group.
The latter will continue to focus on expanding its stop-loss business, as well as the limited-benefit medical plan and work-site products that complement group employee benefits. The purchase did not include the life and disability business of HM Life Insurance Co. of New York.
