Acquisition joins two specialized Stop Loss Insurance and Excess of Loss Reinsurance underwriters PRESS RELEASE UPDATED: OCT 6, 2020 08:02 EDT
OAK BROOK, Ill., October 6, 2020 (Newswire.com) – BCS Financial Corporation (BCS) announced today it has acquired Medical Risk Managers, Inc. (MRM), a market-leading provider of Stop Loss pricing and underwriting services.
As a market-leading insurer and reinsurer, BCS protects more than six million medical, supplemental, and travel customers. With this acquisition, MRM’s comprehensive managing general underwriting service model becomes an additional feature included in BCS’s Risk Navigator solution set, a highly predictive and actionable approach to managing carrier and employer large claim risks.
“For three decades, BCS has provided our customers with a portfolio of products and services designed to help flatten the growth of large claim risks,” said Peter Costello, president and chief executive officer of BCS Financial. “BCS’s acquisition of MRM advances our efforts to provide a comprehensive solution-set for our customers.”
In conjunction with MRM, BCS and its customers immediately gain access to market-leading Stop Loss pricing, underwriting, and case management capabilities. MRM and its customers, meanwhile, benefit by gaining increased access to BCS and its broad portfolio of complementary products, including Excess of Loss, Stop Loss, International Health, Limited Benefit, and Group Supplemental insurance.
“It’s undeniable that the volume and severity of High Cost Claimants is a growing problem for self-funded employers,” said Mehb Khoja, president of MRM. “Our new alignment enables both BCS and MRM to grow by sharing strengths, capabilities, and market access.”
Under BCS’s ownership, Khoja will continue as president of MRM, which will remain headquartered in South Windsor, Connecticut.
About BCS Financial Corporation (BCS)
For over 70 years, BCS Financial Corporation has delivered a wide-range of insurance and financial solutions primarily designed for Blue Cross and Blue Shield organizations and their customers nationwide. Through its subsidiaries, BCS Insurance Company and 4 Ever Life Insurance Company, BCS is licensed in all 50 states and is rated A- (Excellent) by A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Illinois. Learn more at bcsf.com.
About Medical Risk Managers, Inc. (MRM)
For over 35 years, Medical Risk Managers, Inc. has underwritten Stop Loss insurance on behalf of its insurance carrier partners. As a managing general underwriter, MRM has underwritten over $4 billion in Stop Loss premium since its inception. Among its capabilities, MRM is able to price Stop Loss coverage at any deductible level, over any network, and in any zip code nationwide. MRM is headquartered in South Windsor, Connecticut. Learn more at mrmstoploss.com.
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