Published Sept. 25, 2012
Companion Life Insurance Co., a subsidiary of BlueCross BlueShield of South Carolina, Tuesday announced it has purchased Massachusetts-based Medical Excess Underwriters, a managing general underwriter of stop-loss coverage for employer health plans.
This is the second such acquisition this week. On Monday, the Columbia-based company announced it acquired Maine-based ASG Risk Management Inc., also a managing general underwriter to third-party administrators, brokers and consultants.
"Although under new ownership, MedEx's focus on value and service remains unchanged. The acquisition by Companion provides MedEx an even stronger financial foundation for continued profitable growth," Companion Life President Trescott N. Hinton Jr. said.
MedEx, formerly an independent managing general underwriter, has worked with Companion Life since 2008. Its services include underwriting, premium administration, stop-loss claim adjudication, policy issue and claim management services.
Terms of the transaction were not released.