COMPANION LIFE INSURANCE CO. AQUIRES SUMMIT REINSURANCE SERVICES.

Columbia, S.C, January 13, 2010 Companion Life Insurance Co. announced today that it has purchased Indiana-based Summit Reinsurance Services Inc. (Summit Re), a reinsurer of HMOs and insurance companies and managing general underwriter of stop loss coverage for employer health plans.

The acquisition includes Summit Re’s headquarters in Fort Wayne, Ind., and its other offices in Minneapolis, Minn.; Denver, Colo.; Chicago, Ill; Charlotte, N.C.; Jacksonville, Fla.; and Indianapolis, Ind. Summit Re has 26 employees and estimated annual premium of $65 million.

Companion Life President Trescott N. Hinton Jr. said, "Companion Life is pleased that Summit Re has become a part of the strong and growing financial organization represented by the Companion Life Insurance Company franchise of products and services. Although under new ownership, Summit Re’s focus on value, service and financial strength to protect client balance sheets remains unchanged. The acquisition by Companion Life provides Summit Re an even stronger financial foundation for continued profitable growth."

Hinton added, "Summit Re will retain its name and continue to operate independently, with its core management team in place in their current model. Mark Troutman will continue serving as Summit Re’s president."

Summit Re (www.Summit-Re.com), formerly an independent general underwriter, was established in 1999. The company has worked with Companion Life as a managing general underwriter since January 2004. Summit Re provides a full range of services, including underwriting, policy binding, contract issuance, premium collection and claim payment. In addition to employer stop loss, it provides life, accidental death, and short- and long-term disability coverages through Companion Life.

Summit Re also underwrites managed care medical excess business (e.g., reinsurance for HMOs and insurance companies) on behalf of Swiss Re, which it will continue. Summit Re sells and administers reinsurance coverages for commercial, Medicare and Medicaid risks, and offers consulting on product and service needs, as well as on managed care.

Troutman, Summit Re’s president, said, "Summit Re will continue to serve HMOs, insurance companies, self-funded employers and other risk-assuming entities by providing effective risk management and comprehensive managed care resources, delivered with the highest standard of professional performance and superior customer service. We look forward to the partnership between Companion Life and Summit Re."

About Companion Life
Headquartered in Columbia, S.C., Companion Life Insurance Co. (www.CompanionLife.com) has specialized in employee benefits since 1971. The company markets life, dental, disability, accident and specialty health insurance products through a network of independent agents and brokers, general agents and managing general underwriters. Companion Life markets its products and services in 46 states and the District of Columbia. The company holds an A+ (Superior) rating from A.M. Best Company.

Contact:
Billy Quarles
(803) 264-5779