BrickStreet Mutual Insurance said it finalized an agreement to acquire the workers’ compensation block of business from Pittsburgh-based HM Insurance Group (HM), a Highmark company.
The purchase involves workers’ compensation policies and accounts for approximately $120 million in premium, according to the announcement.
HM’s current workers’ compensation employees will become BrickStreet employees and remain in Pennsylvania, effective August 1.
BrickStreet is a monoline workers’ compensation provider headquartered in Charleston, West Virginia, with offices in Charlotte, North Carolina, and Naperville, Illinois. The company currently writes business in 12 states, including Pennsylvania, as well as the District of Columbia.
The purchase will allow BrickStreet to further expand its presence in Pennsylvania and the region.
According to BrickStreet Chief Executive Officer Greg Burton, the company is opening a regional office in downtown Pittsburgh and will continue to use HM’s established agents in Pennsylvania.
HM’s agents will be also able to take advantage of BrickStreet’s appetite as well as the opportunity to write accounts with regional and national exposures.
BrickStreet Insurance, a mutual company owned by its policyholders, became West Virginia’s first private workers’ compensation carrier on Jan. 1, 2006.
Headquartered in Pittsburgh, HM Insurance Group is a national carriers of employer stop loss. HM’s product portfolio also includes managed care reinsurance that is marketed under the brand RBS Re and workers’ compensation that is sold exclusively in Pennsylvania. Its subsidiaries include HM Life Insurance Co., HM Life Insurance Company of New York, HM Casualty Insurance Co. and Highmark Casualty Insurance Co. HM Insurance Group holds insurance licenses in 50 states and the District of Columbia and maintains 23 regional sales offices across the country.
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