MCKINNEY, Texas, Aug. 2, 2021 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) announced it has acquired Beazley Benefits. Prior to the acquisition, Beazley Benefits was a part of Beazley Insurance Company, Inc. in the US, which is a subsidiary of London-based specialty insurer Beazley plc. This transaction, which closed on August 1, 2021, enhances Globe Life's reach in the worksite market.
Beazley Benefits specializes in customized supplemental health solutions for the employee benefits market, with a product line that includes Supplemental Medical, Group Limited Indemnity, Critical Illness, Short Term Disability, and Accidental Death & Dismemberment. Their wide range of capabilities includes benefits solutions combined with administrative services to assist employees in managing health care costs and easing plan administration. Beazley Benefits generated approximately $40 million of premium in 2020.
"Beazley Benefits has provided accident and health insurance solutions in the US since 2010, partnering with producers to offer supplemental health solutions for the employee benefits market. It has grown into a profitable business that meets the needs of a solid client base, thanks to our highly experienced team. The US employee benefit market operates outside Beazley plc's core businesses, so to ensure Beazley Benefits maximizes its potential, we have agreed to sell our US employee benefits business to Globe Life," said Adrian Cox, Chief Executive Officer of Beazley plc.
Globe Life has continued its strategy to cultivate the delivery of solutions to meet the needs of working families across the country by continuing to innovate and partner with market-leading companies. The acquisition of Beazley Benefits, which will be rebranded as Globe Life Benefits, represents the latest addition to Globe Life's advanced portfolio of benefits solutions.
"We are excited about the addition of Beazley Benefits to the Globe Life family," said Globe Life Co-Chairmen and Chief Executive Officers, Gary Coleman and Larry Hutchison. "Beazley Benefits offers protection-oriented employee benefits through distribution we can continue to grow. This group has a track record of solid growth with a business plan that matches our objectives. We expect a seamless transition, as we have complete confidence in the Beazley Benefits management team and employees. We look forward to welcoming them to Globe Life."
"Our team is excited to be joining a great company that understands the brokers and employers we serve as we continue to grow as a leader and innovator in the employee benefits market," said Brian Thompson, Chief Executive Officer of the newly named Globe Life Benefits division. "Our clients will continue to benefit from the same great service they have come to expect as we transition the business and our team to their new home at Globe Life."
About Globe Life: Globe Life (NYSE: GL) is headquartered in McKinney, TX and has more than 14,000 insurance agents and 3,000 corporate employees. With a mission to Make Tomorrow Better, Globe Life is the top volume issuer of ordinary individual life insurance policies in the U.S. (as reported by S&P Global Market Intelligence) and has more life insurance policyholders than any other insurance company (excluding reinsurance companies). Globe Life's insurance subsidiaries include American Income Life, Family Heritage Life, Globe Life And Accident Insurance Company, Liberty National Life, and United American. More information is available at GlobeLifeInsurance.com.
TigerRisk Capital Markets & Advisory acted as exclusive financial advisor to Beazley, and Mayer Brown LLP acted as legal advisor to Beazley. PJT Partners acted as exclusive financial advisor to Globe Life, and McAfee & Taft acted as legal advisor to Globe Life.