Xchange Benefits Launches Medical Stop Loss Program in Collaboration with Markel®
June 09 2022 - 9:00AM
Business Wire
Xchange Benefits LLC, a managing general underwriter owned by
Ambac Financial Group, Inc. (NYSE: AMBC), today announced it has
signed a program manager agreement with Markel Service,
Incorporated. Under the agreement, Xchange will underwrite medical
stop loss coverage on behalf of an insurance affiliate of Markel,
as well as handle claims and administer premiums. The collaboration
marks Markel’s entry into the stop loss segment.
“We are honored to be the only company writing stop loss
insurance for Markel,” Peter McGuire, CEO of Xchange, said.
“Xchange’s deep expertise in employer stop loss and Markel’s
network of producers position us well to take advantage of the
growth opportunities that exist in this line of business. We look
forward to a long and successful collaboration with Markel.”
A critical cost management tool for self-funded health plans,
stop loss insurance helps self-insured employers and organizations
protect themselves against catastrophic medical and pharmacy claims
that exceed predetermined levels. The stop loss segment has grown
by more than 10 percent in each of the last four years and
surpassed $25 billion in 2020, according to research by financial
rating agency AM Best.
The segment’s growth has been driven by the Affordable Care Act,
which reshaped the commercial health market and prompted a shift
towards self-funded health plans as a means of containing employee
benefit costs.
“Part of the Markel Style is to be a market leader and have a
zealous pursuit of excellence,” said Jeff Lamb, Executive Director,
Program and Alliances. “Our collaboration with Xchange Benefits
helps establish us in the stop loss marketplace to leverage
Xchange’s underwriting and claims expertise along with Markel’s
capital and strong distribution partnerships. Markel is excited to
work with Peter McGuire and team to build our presence in the
medical stop loss industry.”
About Xchange Benefits
Founded in 2010, Xchange Benefits, LLC is a diverse group of
business units focused on the global insurance and reinsurance
industry. Led by a team who have industry leading experience,
Xchange Benefits underwrites, consults, creates products, creates
retail distribution, structures risk, transacts reinsurance,
advises on capital deployment and most importantly, listens to its
clients. Xchange Benefits is headquartered in Armonk, N.Y., and has
an office in Indianapolis.
For more information, visit Xchange Benefits on the web at
www.xbllc.com.
About Markel
Markel is a diverse financial holding company serving a variety
of niche markets. The company's principal business markets and
underwrites specialty insurance products. In each of the Company's
businesses, it seeks to provide quality products and excellent
customer service so that it can be a market leader. The financial
goals of the company are to earn consistent underwriting and
operating profits and superior investment returns to build
shareholder value. Coverage is underwritten by Markel Insurance
Company. Markel® is a registered trademark of the Markel
Corporation. Visit Markel on the web at markel.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220608006170/en/
Ambac Kate Smith Director, Corporate Communications
ksmith@ambac.com
Markel Chelsea Rarrick Associate Director, External
Communications Chelsea.rarrick@markel.com
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