Together with its parent, Companion Life Insurance Company, Summit Re has announced plans to realign operations with iiSi, a division of Companion Life Insurance Company. In this move, Summit Re will shift its employer stop loss (ESL) business to iiSi.
Currently, Summit Re serves both the ESL and the managed care reinsurance markets. iiSi also serves the ESL market. Realigning Summit Re ESL resources with those of iiSi will allow Summit Re to focus exclusively on its managed care reinsurance business. Meanwhile, iiSi will gain experienced staff members who not only serve the traditional ESL market but also bring depth in designing and executing ESL risk arrangements with captives, alternative risk programs and health plans to continue expanding in those growing ESL market segments. Each will focus on expanding its respective product offering of the innovative risk solutions that have become the hallmark of their businesses.
Summit Re President Greg Demars observed, “This is an exciting time for Summit Re, iiSi and Companion Life. Aligning our stop loss resources and joining forces with those of iiSi will allow Summit Re to focus our full attention on supporting payer, provider and captive clients navigate an ever-evolving healthcare environment. At the same time, this transition strengthens ESL product depth and support, allowing Summit Re to more effectively bring risk management solutions to the managed care reinsurance market and iiSi to more effectively bring risk management solutions to the self-funded market.”
iiSi President Jon Anderson added, “This move will allow iiSi and Companion Life to bring additional resources and an even stronger market presence and approach to the traditional, captive, alternative risk and health plan ESL market segments. Clients transitioning from Summit Re to iiSi will continue their long-term relationships with trusted staff members while enjoying a broader and deeper base of support.”
Mark Smidt, vice president of ESL for Companion Life, noted, “Summit Re and iiSi share core values that have made them trusted partners in the marketplace, which is a key reason this realignment makes so much sense. We fully believe this move will make both Summit Re and iiSi stronger and better able to serve their unique target markets as Companion Life continues to invest in and support both units for continued growth moving forward.”
The new arrangement is expected to be fully in place for client-facing operations by January 1, 2026.
About Summit Re
Summit Reinsurance Services is an employer stop loss and reinsurance managing general underwriter, working with health insurers, managed care plans, providers, captives and self-funded employers throughout the U.S. Summit Re helps its clients analyze, manage and transfer risk to protect their financial stability. As a consultant and advisor, the company works with clients to formulate and implement new products and strategies. Founded in 1999, Summit Re was acquired by Companion Life Insurance Company in 2009. Further information is available at www.summit-re.com.
About iiSi
Founded in 1983 as Intermediary Insurance Services, Inc. and acquired by Companion Life Insurance Company in 2009, iiSi has become one of the preeminent underwriters of medical stop loss insurance in the country. iiSi functions as a division of Companion Life and utilizes Companion Life and its affiliate carriers Niagara Life and Health Insurance Company and Companion Life Insurance Company of California to offer stop loss insurance in all 50 states. Because of this relationship, iiSi is able to offer the strong combination of stability as a direct writer, with the expertise and focus of a managing general underwriter. Further information is available at www.iisinet.com.
About Companion Life
Headquartered in Columbia, South Carolina, Companion Life (CompanionLife.com) has specialized in employee benefits for more than 50 years. The company markets stop loss, dental, life, disability, vision, accident, gap, limited medical and critical illness. These products are marketed through Companion Life’s owned divisions, managing general underwriters, third-party administrators and a network of brokers and agents. Companion Life, Companion Life of California and Niagara Life and Health together are licensed in all 50 states and the District of Columbia. It holds an AM Best Rating of A+ (Superior).
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