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Liberty Mutual has signed a definitive agreement to acquire the medical stop loss assets of Massachusetts-based managing general agent (MGA), TRU Services.
TRU provides medical stop loss products to mid and large-sized medical plan sponsors, and underwrites both specific and aggregate stop loss coverage, administering approximately $65 million in premium in 2016.
TRU founders Jerry and Anne Trupiano – along with 38 TRU employees – will join Liberty Mutual’s special lines-focused business unit, Liberty International Underwriters (LIU).
Once it become part of LIU, TRU will continue operating as an MGA throughout 2017 and will transition to directly writing Medical Stop Loss for LIU by January 1, 2018.
"As we look to expand our product offerings, medical stop loss offers an exciting opportunity for LIU, and the acquisition of an industry leader like TRU gives us a strong foothold in the market," said Jim Hinchley, president of LIU Americas.
Jerry Trupiano, co-founder of TRU, added: "Liberty Mutual provides a terrific platform for the TRU team to continue to grow and develop the business we’ve built up over the past two decades. Anne and I are thrilled to become part of the Liberty Mutual family."
Liberty Mutual Insurance, MGA, M&A, Healthcare, Medical stop loss coverage, TRU Services, US