MINNEAPOLIS, Feb. 2, 2011 /PRNewswire/ -- Specialist insurer Beazley announced today that it has entered into a strategic partnership with HealthPlan Services (HPS), under which HPS will provide comprehensive business process services for Beazley's accident and health insurance customers. HPS is the nation's leading technology and administrative services provider for the insurance and managed care markets. Beazley offers gap protection products for employers and employees.
Under the agreement, HPS will administer a full range of services, including sales, case level underwriting, enrollment, billing, claims and member retention supporting disability, accident, critical illness, and supplemental medical products. Most notably, HPS will provide Beazley's customers and agents with access to online enrollment as well as integration of multiple products for streamlined quoting and billing.
"We are confident that HPS is the right partner for Beazley," said Paul Gulstrand, head of Beazley's Accident & Health Insurance division in the United States. "We are excited to align with a world-class administrator that has a strong reputation with producers, solid credibility in the marketplace, broad expertise in the industry, and a longstanding commitment to quality."
Jeff Bak, President and CEO of HPS, added: "Beazley is a growing company that prides itself on its responsiveness and collaborative approach to its partners and producers. We are pleased it has selected HPS to help manage its expansion into all 50 states in the US market. We are confident that our industry expertise, proven best practices and proprietary technologies and processes will enable Beazley to integrate into the group and voluntary markets rapidly and successfully."
Beazley Accident & Health Insurance is a division of Beazley Group which, through its global operations, writes approximately $1.75 billion in annual premiums and maintains policyholders' surplus in excess of $400 million.
As an insurer and reinsurer, Beazley is nimble enough to help brokers and other intermediaries develop profitable business opportunities and stable enough to commit to long-term collaboration. It accomplishes this by focusing on custom solutions and gap protection products in the accident and health niche. These products have taken on new prominence in the wake of healthcare reform, which brings coverage to millions but at a high cost to employers. By focusing on gap coverage, Beazley offers employees valuable protection against life's uncertainties and employers the means to foster loyalty by broadening benefit options.
About Beazley Accident & Health Insurance
Beazley Accident & Health Insurance offers custom solutions for a broad spectrum of risks. Our suite of gap protection products includes critical illness, short term disability, short duration disability, personal accident and corporate AD&D/business travel accident. Additional gap protection products are in development and will be launched later this year.
Beazley includes the issuing company of Beazley Insurance Company, Inc. (BICI), rated A by A.M. Best. Its parent company, Beazley Group, was established in 1986 as a specialist insurer and reinsurer. Headquartered in London, the company has operations in Europe, Asia, Australia and the US, and manages five Lloyd's of London syndicates — all rated A by A.M. Best. Beazley Accident & Health Insurance is based in Minneapolis. For more information, visit www.beazley.com/accident&health.
About HealthPlan Services
HealthPlan Services (HPS), a Water Street Healthcare Partners affiliate, is the largest independent provider of service and technology solutions to the insurance and managed care industry. Since 1970, HPS has offered customized administration and distribution services to insurers of individual, small group, voluntary and association plans, as well as providing valuable solutions to thousands of brokers and agents that sell into this market. HPS' proprietary, scalable technology provides innovative consumer-facing solutions that are turnkey self-service tools for our insurance carriers and distribution partners. HPS offers an ever-expanding array of services to a diverse and growing client base, and administers products that include medical (PPO, HMO, indemnity, consumer-driven), dental, vision, life, disability, cancer, critical illness, accident, long term care, limited medical, as well as various other ancillary insurance. HPS is committed to providing extraordinary service to its customers. For more information about HPS, visit www.healthplan.com.
About Water Street
Water Street Healthcare Partners is a strategic private equity firm focused exclusively on healthcare. The firm has a strong record of building market-leading companies across key growth sectors in healthcare. It has partnered with some of the world's leading healthcare companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global healthcare businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.
Products filed Q42010 – Q12011 and will be available pending state approvals. Coverage is available through appropriately licensed brokers and may not be available in all jurisdictions. Beazley includes the issuing company Beazley Insurance Company, Inc. (BICI) for admitted products, rated A by A.M. Best.
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2009, underwrote gross premiums worldwide of 1,115.5 million pounds Sterling. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
SOURCE Beazley plc