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SCHAUMBURG, Ill., June 14, 2021 /PRNewswire/ -- Zurich North America is expanding its Medical Stop Loss Insurance presence in the middle market space through a new relationship with IOA Re, a Pennsylvania-based managing general underwriter (MGU). The relationship will enhance Zurich's ability to provide solutions for middle market employers with self-funded health plans administered by a wide range of third-party administrators (TPAs).
IOA Re has been underwriting medical stop loss solutions in the TPA space for 35+ years.
"IOA has been in business for a very long time with strong relationships and a track record of success," said Edward Tyburski, Head of Specialty Health for Zurich North America. "IOA's experience and relationships, together with Zurich's knowledge and A-rated financial strength, add up to an excellent Medical Stop Loss offering for middle market employers in the TPA space."
Stop loss insurance is purchased by employers who self-fund their employee benefit plans but do not want to assume full liability for catastrophic losses that may arise. Under a stop loss policy, the insurance provider becomes liable for losses above a deductible or retention amount set in the policy.
"IOA Re is very pleased to add Zurich as the newest member of our prestigious carriers and reinsurers," said John Parker, Chief Executive Officer of IOA Re. "We recognize this collaboration as an outstanding opportunity to write mutually beneficial business for both IOA and Zurich."
Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to technology. Zurich North America is part of Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets. Read more here.
This is intended as a general description of certain types of insurance available to qualified customers in applicable states, provided solely for informational purposes. Insurance coverages are provided by Zurich American Insurance Company, a New York domiciled company with its principal place of business at 1299 Zurich Way, Schaumburg, IL 60196 (NAIC #16535), who has granted delegated underwriting authority for the Zurich Medical Stop Loss Insurance Policy to IOA Re ("IOA"). The terms and conditions of the policy described in this brief summary are governed by the individual policy document that contains the complete terms. In the event of any discrepancy between the information in this brief summary and the policy, the policy document shall govern. IOA Re is not a subsidiary or affiliate of Zurich. Use of other IOA Re products and services is independent of, and not included within, the Zurich Medical Stop Loss Insurance Policy, or any other Zurich product or service. Zurich expressly disclaims any and all damages and other costs that may arise related to the use of or reliance upon other products, services, representations or warranties made by or on behalf of IOA Re.
Zurich financial strength rating as of March 31, 2021: A/Excellent from A.M. Best. Financial strength ratings are under continuous review and subject to change and/or affirmation. For the latest Best's Ratings and Best's Company Reports (which include Best's Ratings), visit the A.M. Best website at www.ambest.com. The rating represents the overall financial status of the individual member companies of Zurich in North America, including Zurich American Insurance Company, and is not a recommendation of the specific policy provisions, rates or practices of each issuing insurance company.
SOURCE Zurich North America