SCHAUMBURG, Ill., Oct. 15, 2020 /PRNewswire/ -- Zurich North America is launching a medical stop loss insurance offering for larger employers with self-funded group health plans administered by national carriers. The new admitted product is the result of a collaboration with Medical Risk Managers (MRM), a program administrator based in South Windsor, Connecticut, that specializes in writing medical stop loss in this space.
"Zurich's collaboration with MRM enables us to extend our capabilities in medical stop loss to serve the needs of the largest segment of the self-insured market," said Edward Tyburski, Head of Specialty Health for Zurich North America. "MRM has a history of successfully underwriting medical stop loss business and has developed relationships and insights that, together with Zurich's knowledge and experience in this space, will deliver a best-in-class offering."
Zurich and MRM have collaborated previously and understand each other's structure and values. That helped Zurich finalize the arrangement and launch the offering ahead of the typical January peak period for writing medical stop loss coverage.
"We are pleased to once again be working with Zurich, who shares our commitment to protecting customers and creating high value," said MRM President Mehb Khoja. "Our shared clients will benefit from our depth of data and experience, as well as some of the most dynamic talent in the stop loss segment."
Stop loss insurance is purchased by employers who self-fund their employee benefit plans but do not want to assume 100% of liability for catastrophic losses that may arise. Under a stop loss policy, the insurance provider becomes liable for losses above a deductible set in the policy.
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.
About Medical Risk Managers, Inc. (MRM)
Since 1984, Medical Risk Managers, Inc. has underwritten Stop Loss insurance on behalf of carrier and employer partners. As a managing general underwriter, MRM has underwritten over $4 billion in Stop Loss premium since its inception. Among its capabilities, MRM is able to price Stop Loss coverage at any deductible level, over any network, and in any ZIP code nationwide. 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 Medical Risk Managers ("MRM"). 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. Medical Risk Managers ("MRM") is not a subsidiary or affiliate of Zurich. Use of other MRM 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 MRM.
SOURCE Zurich North America