Wellfleet Acquires National Guardian Life Insurance’s Student and Special Risk Business
SPRINGFIELD — Wellfleet, an insurance provider and a Berkshire Hathaway company, has agreed to terms with National Guardian Life Insurance Co. (NGL) to acquire through renewals its Student and Special Risk business. Much of that business is processed through Commercial Travelers Life Insurance Co. in Utica, N.Y., a wholly owned NGL subsidiary.
Wellfleet will immediately assume responsibility for administrating NGL’s special-risk policies and collegiate accident and health insurance, which insures more than 26,000 students on approximately 100 campuses across the U.S. Wellfleet will maintain NGL’s Utica office, employing more than 30 insurance professionals.
“We are pleased that we have entered into this agreement with Wellfleet, one of the nation’s leading providers of health- and accident-insurance products to the higher-education market,” said Knut Olson, NGL’s president and CEO. “This transition provides our customers the ability to renew their business with a highly respected insurer who will deliver quality service. This transaction allows NGL to focus on our other lines of business.”
He added that “Wellfleet’s specialization in student and special-risk coverage for more than 25 years, and respected reputation in the market, gives NGL’s talented employees, loyal clients, and growing member base the best possible solution for operational continuity.”
Wellfleet President and CEO, Andrew DiGiorgio noted Wellfleet’s longtime business relationship with NGL and Commercial Travelers, and reiterated Wellfleet’s commitment to a smooth transition for NGL’s clients and members.
“Our priorities are to honor the commitments NGL extended to its customers, and to deliver quality service and customer-centric solutions to clients, members, and distribution partners,” DiGiorgio said.
Completion of the transaction is subject to various conditions, including the receipt of required regulatory approval, and is expected to close in the third quarter of 2019.