Property & Casualty (P&C) insurer, Crum & Forster has launched a new life insurance business unit, helping to further build on the organizations 2021 acquisition of Monitor Life Insurance Company of New York.
Both the acquisition and launch of a new life insurance business unit will allow the company to continue expanding its Accident and Health (A&H) offerings in an evolving marketplace.
With Certificates of Authority in 48 states (pending approval in MN, OR), filings for the initial suite of products are currently underway and sales will begin in the fourth quarter of this year.
The acquisition of Motor Life and the new unit will give Crum & Forster A&H the ability to write a full suite of life products.
Additionally, it will also give the company the flexibility to add additional A&H products moving forward.
Furthermore, Crum & Forster will continue marketing through MGUs, TPAs, brokers, agents and program managers.
Gary McGeddy, A&H President, commented: “This is an exciting development for Crum & Forster, and we look forward to expanding our offerings to enhance our capabilities to meet and exceed clients’ expectations. As a business, we are committed to designing a diversified portfolio that delivers superior customer service to our partners. Our new life business is another step along that journey.”
Gary Nidds, Head of Crum & Forster’s new Life business unit and its A&H Medical business unit, added: “We look forward to working with our partners to expand our value proposition and continue providing new, high-quality products and services. As we continue to diversify and put forth innovative product offerings, we’re excited to be a catalyst of opportunity within the life insurance ecosystem.”