Globe Life Inc. (NYSE: GL) announced it has acquired Beazley Benefits. Prior to the acquisition, Beazley Benefits was a part of Beazley Insurance Company, Inc. in the US, which is a subsidiary of London-based specialty insurer Beazley plc. This transaction, which closed on August 1, 2021, enhances Globe Life’s reach in the worksite market.
Beazley Benefits specializes in customized supplemental health solutions for the employee benefits market, with a product line that includes Supplemental Medical, Group Limited Indemnity, Critical Illness, Short Term Disability, and Accidental Death & Dismemberment. Their wide range of capabilities includes benefits solutions combined with administrative services to assist employees in managing health care costs and easing plan administration. Beazley Benefits generated approximately $40 million of premium in 2020.
“Beazley Benefits has provided accident and health insurance solutions in the US since 2010, partnering with producers to offer supplemental health solutions for the employee benefits market. It has grown into a profitable business that meets the needs of a solid client base, thanks to our highly experienced team. The US employee benefit market operates outside Beazley plc’s core businesses, so to ensure Beazley Benefits maximizes its potential, we have agreed to sell our US employee benefits business to Globe Life,” said Adrian Cox, Chief Executive Officer of Beazley plc.
Globe Life has continued its strategy to cultivate the delivery of solutions to meet the needs of working families across the country by continuing to innovate and partner with market-leading companies. The acquisition of Beazley Benefits, which will be rebranded as Globe Life Benefits, represents the latest addition to Globe Life’s advanced portfolio of benefits solutions.