Liberty Mutual buys assets of US MGA TRU
Property/casualty insurer Liberty Mutual Insurance has signed a definitive agreement to acquire the assets of managing general agent (MGA) TRU Services, which specialises in medical stop loss cover to mid and large-size medical plan sponsors.
Following the closure of this transaction in the second quater, the founders of Massachusetts-based MGA, Jerry and Anne Trupiano, along with the entire workforce, will join Liberty Mutual’s specialty lines-focused business unit Liberty International Underwriters (LIU).
TRU will continue operating as an MGA throughout 2017 and will transition to directly writing medical stop loss for LIU by January 1, 2018, the company said.
"As we look to expand our product offerings, medical stop loss offers an exciting opportunity for LIU, and the acquisition of an industry leader like TRU gives us a strong foothold in the market," said Jim Hinchley, president of LIU Americas.
TRU underwrites both specific and aggregate stop loss coverage, administering approximately $65 million in premium in 2016.
Jerry Trupiano, co-founder of TRU, said: "Liberty Mutual provides a terrific platform for the TRU team to continue to grow and develop the business we’ve built up over the past two decades. Anne and I are thrilled to become part of the Liberty Mutual family."
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