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The acquisition includes Montgomery Management's headquarters in BlueBell, Pa., and its other offices, located in Grand Rapids, Mich.; OverlandPark, Kan.; Charlotte, N.C.; Houston; and Tampa. Montgomery Management, withmore than $45 million in annual premiums, has 18 employees.
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Companion Life President Trescott N. Hinton Jr. said Montgomery ManagementCorp. will retain its name and continue to operate independently, with itscore management team in place under the current MGU model. Anne Marie McCarthywill continue serving as Montgomery Management's president.
"We are very excited about our ownership of Montgomery Management," Hintonsaid. "We view this as an excellent strategic fit and are looking forward tosignificant growth opportunities. This demonstrates our commitment and desireto continue in this market."
Montgomery Management Corp. (www.montmgmt.com), formerly a wholly ownedsubsidiary of HealthPlan Holdings, has been an MGU of stop loss coverage foremployer health plans since 1989. The company has worked with Companion Lifeas an MGU since January 2004.
Montgomery Management provides a full range of services, includingunderwriting, policy binding, contract issuance, premium collection and claimspayment. In addition to stop loss, it provides life, accidental death, andshort- and long-term disability coverage.
"This is great news for Montgomery Management," said McCarthy. "We havebuilt an incredible partnership with Companion Life that has resulted inconsistent value, extraordinary service and financial stability for ourclients. We are excited about the many additional benefits that we will beable to bring to our clients as a result of this transaction."
About Companion Life
Headquartered in Columbia, S.C., Companion Life Insurance Co.(www.CompanionLife.com) has specialized in employee benefits since 1971. Thecompany markets life, dental, disability, accident and specialty healthinsurance products through a network of independent agents and brokers,general agents and managing general underwriters.Companion Life markets its products in 45 states and the District of Columbia.The company holds an A+ (Superior) rating from A.M. Best Company.
About HealthPlan Holdings
HealthPlan Holdings (www.healthplanholdings.com), a Sun Capital PartnersInc. affiliate, is the largest privately held outsourcing solutions companyfor fully insured employee benefit services for insurance companies andmanaged care organizations that serve this market. Since 1970, HealthPlan hasoffered customized administration and distribution services to insurers in theindividual, small business, association and voluntary-worksite niche, andservices thousands of brokers and agents who sell into this market.
SOURCE Companion Life Insurance Co.
