One80 Intermediaries has continued its expansion with the acquisition of medical stop loss managing general underwriter (MGU) National Underwriting Services.
One80, which is the Matt Power-led wholesale broking arm of fast-growing US broker Risk Strategies, has been busy building out its operations ever since it was officially launched as a separate platform back in January.
The latest addition to its roster is the San Antonio, Texas-based National Underwriting Services (NUS). The MGU, which was founded in 1985, is a specialty underwriter of medical stop loss coverage for self-funded employers across the US.
National Underwriting Services’ capacity is provided by Axa XL-subsidiary Greenwich Insurance Company and Fidelity Security Life Insurance Company.
“At One80 Intermediaries we take pride in our customised approach to our products and services, meeting the specialised needs of our brokers and insureds,” said Power.
“NUS shares these same values – whether it be a traditional preferred provider organisation, medical reference based price or other stop loss programs, NUS is uniquely positioned to provide tailor made solutions to meet their customers’ needs,” Power added.
The deal, the terms of which were not disclosed, further bolsters One80’s participation in the medical stop loss sector.
Back in January, One80 acquired Media, Pennsylvania-based Vista Underwriting Partners which offers medical stop loss coverage for corporate clients and Taft-Hartley Trust Funds in the US.
Nick Milligan, the managing director for Vista, also serves as practice leader for One80’s medical stop loss unit.
Since opening its doors for business back in January, One80 has been busy adding teams and MGUs to its operations.
Supported by its private equity-backed parent, One80 has already opened 19 offices around the US. The company is headquartered in Boston, Massachusetts, but has operations in cities such as New York, Miami, Atlanta, Nashville, Cincinnati, Cleveland, Chicago, Houston, Dallas, Denver, Scottsdale, San Diego and Seattle.
It offers programs targeting a variety of specialist sectors including marine, transportation, property and construction, healthcare, casualty, consumer and recreation, as well as financial lines.