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Risk Strategies Company, an insurance brokerage and risk management firm, has acquired University Health Plans (UHP), a brokerage firm specializing in student health insurance programs.
The company said the move adds significantly to the company's leading Higher Education Practice group. Terms of the deal were not announced.
UHP works with colleges and universities to provide quality and affordable health insurance to their diverse student populations.
Student health insurance plans offered by higher education institutions typically serve a desirable, younger demographic. As employer-sponsored health insurance plans change, often carrying higher deductibles and imposing restrictive provider networks, student health insurance plans generally offer a national network of providers and access to worldwide coverage, with lower deductibles, copayments, out-of-pocket maximums and premiums.
Built on a proprietary, web-based platform, UHP makes it easy for students of client institutions to navigate the school-sponsored student health insurance program and make an educated decision on whether to waive or enroll in that program. Students also have the option to select from a wide array of ancillary coverages such as vision, dental, and a variety of international health insurance plans for students traveling.
“At a time when clients are looking for simplified access to the expertise that can help them solve complex problems, like insurance, becoming part of Risk Strategies and its nationally recognized Higher Education Practice makes sense for us and our clients," said UHP Founder and CEO, Bill Devine.
John Cerasani, managing director of Risk Strategies Company's Higher Education Practice, added: “Bill has built out a robust business in a highly specialized space that, being web-based, is right in step with both the times and the end users of the service. We see UHP's specialized focus in this market as highly complementary to our own expert-based approach.”
Risk Strategies Company, Insurance, Risk management, Acquisition, University Health Plans