A Midwestern insurer has completed previously announced plans to buy a group benefits business.
Fort Dearborn Life Insurance Company, a unit of Health Care Service Corp., Chicago, has acquired the group life and group disability business of HM Life Insurance Company, a unit of Highmark Inc., Pittsburgh.
Fort Dearborn Life is not saying how much it has paid for the HM Life operations, which generate about $90 million in premium revenue per year.
Fort Dearborn Life says it made the deal to expand its group insurance business, and HM Life, which previously operated under the name Highmark Life Insurance Company, says it sold the group life and disability business to get capital to invest in its medical stop-loss operations and in benefits product development efforts, company executives say.
