Core Specialty Insurance Holdings Inc. said Monday it has formed a medical stop-loss division by acquiring Standard Life and Accident Insurance Co., American National Group’s medical stop-loss management general agency unit.
Jim Stelling, who most recently served as vice president, health insurance operations and specialty markets groups at American National Insurance Co., will join Core Specialty as head of the division.
Core Specialty will acquire 100% of the shares of Standard Life and Accident, in an all-cash deal that also involves certain reinsurance transactions, the Cincinnati-based specialty insurer said.
League City, Texas-based Standard Life and Accident has approximately 15 employees and produced over $300 million in gross premium income by 2022. It is American National’s 13th specialty business unit.
The deal is expected to close in the fourth quarter and Standard Life and Accident will retain its location in League City after closing.
American National Group is owned by Bermuda-based Brookfield Reinsurance.