Companion Life Insurance Co. acquires International Specialty Underwriters

COLUMBIA, S.C. - Companion Life Insurance Co. of Columbia, S.C., announced Monday that it has purchased Jacksonville, Fla.-based International Specialty Underwriters (ISU), a managing general underwriter of stop loss coverage for employer health plans.

The acquisition includes ISU's headquarters in Jacksonville and its other offices located in Fountain Hills, Ariz., and Edina, Minn. Terms of the purchase were not disclosed. ISU has 21 full- and part-time employees, and estimated annualized premiums of $35 million.

ISU will retain its name and continue to operate independently, with its core management team in place under the current managing general underwriter (MGU) model, Companion Life President Trescott N. Hinton Jr. said. John Wilbur will continue serving as president of ISU.

"The acquisition of ISU is a natural extension of our business model and an excellent strategic fit," Hinton said. "We look forward to significant growth opportunities. This acquisition, along with our November 2007 purchase of Montgomery Management Corp., demonstrates our commitment and desire to continue in this market under the MGU model."

Wilbur said, "Our success has been built on our belief that a company cannot succeed on good ideas and good products alone. It takes commitment. It takes a commitment to providing a higher level of service, to raising the bar of professionalism and quality. We look forward to the continued commitment between Companion Life and ISU."