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Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group Inc., said Friday it has launched a protected cell captive that will provide medical stop loss coverage for self-funded employers.
Distribution Re is domiciled in Tennessee and will be run by Marlton, New Jersey-based captive manager Captive Planning Associates LLC.
The captive will insure accident and health risks, mainly high-deductible medical stop loss plans, Armonk, New York-based Xchange Benefits said in a statement.
Ambac acquired a majority stake in Xchange in 2020.