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Houston International Insurance Group Ltd. has acquired Malvern, Pennsylvania-based Elite Underwriting Services.
A spokesman for HIIG said the terms of the deal, announced Thursday, were not disclosed.
Elite is a managing general underwriting agency specializing in excess medical insurance, or medical stop loss, and other specialty accident and health products that writes nearly $100 million in gross premiums, HIIG said in a statement.
Elite’s entire team will join HIIG and operate as HIIG-Elite Underwriting Service in Malvern, the spokesman said. Former Elite CEO Matthew Naylor is now executive vice president of HIIG in charge of the group’s accident and health division, according to the statement.
The frequency of catastrophic medical stop-loss insurance claims in excess of $1 million has risen dramatically in the last four years, according to a new report by Sun Life Financial Inc.