Bellevue, Wash.-based Symetra Financial has announced a definitive agreement to acquire Medical Risk Managers Inc. of South Windsor, Conn. The deal is expected to close by the end of second quarter 2007 and be accretive to earnings during the first 12 months. Terms of the transaction were not disclosed.
Symetra provides employee benefits, retirement plans, annuities and life insurance, and medical stop loss coverage designed for employers that self-insure their group health plans. MRM is a full-service managing general underwriter and health care network consulting firm specializing in the stop loss market.
MRM will remain in South Windsor and manage staff and operations independently as a wholly owned subsidiary of Symetra Financial Corp. Mike McLean, CEO of MRM, will continue to lead the company, which will underwrite self-funded business for multiple partners in addition to Symetra.
The acquisition is designed to compliment Symetra’s ability to customize group stop loss plans in conjunction with employers, benefits brokers and consultants, third-party administrators, administrative service organizations, health care networks, medical providers and other partners.
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