November 01, 2016
Companion Life Acquires Spectrum Underwriting Managers
Columbia, S.C. — Companion Life Insurance Company announced today that it has acquired Indiana-based Spectrum Underwriting Managers, Inc., a full-service managing general underwriter (MGU) of specific, aggregate and integrated medical stop loss insurance.
“Spectrum has been a client of ours for many years, and we are pleased that they are now part of the Companion family. Spectrum is our seventh MGU acquisition and is proof not only of the success of our acquisition strategy, but also of our commitment to the stop loss industry as a market leader,” said Phil Gardham, Companion Life’s current COO and president effective January 2017. “For more than 25 years, Spectrum has been a leader in the stop loss industry, and we have shared values, a commitment to high-quality customer service and we understand the importance of strong relationships.”
Founded in 1990 and headquartered in Indianapolis, Spectrum (www.spectrumhq.com) has represented Companion Life since 2006. Its services include underwriting, marketing, claims adjudication, premium administration, policy issue and product design. Spectrum offers a variety of products for single employer groups with as few as 15 employees.
“When considering acquisition, Companion was the logical choice,” said Kurt Ridder, president of Spectrum. “We have a long-standing relationship with Companion, and most impressive is its ‘owned MGU’ model: Separate, focused and independent MGUs that continue to run post-sale just as they did pre-sale — same management, same staff and, most importantly, same identity. It showcases Companion’s unique commitment to the stop loss market —recognizing excellence and allowing it to flourish under the safety net of a large, respected and growing stop loss organization.”
About Companion Life
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Headquartered in Columbia, Companion Life (www.CompanionLife.com) has specialized in employee benefits since 1971. The company markets life, dental, disability, accident, specialty health including medical stop loss, limited benefit health plans and group supplemental retiree prescription drug plans, as well as other insurance programs, through a network of independent agents and brokers, general agents and managing general underwriters. Companion Life is licensed in 49 states and the District of Columbia. It holds an A.M. Best Rating of A+ (Superior).