Group | Munich Health
- Munich Re concludes acquisition of Sterling Life Insurance Company
- Purchase of leading US provider of health insurance benefits for seniors strengthens International Health segment
As announced in December 2007, Munich Re has acquired a 100% stake in Sterling Life Insurance Company (Sterling) for a purchase price of €243m (US$ 352m).
With total premium income in 2007 of US$ 798m and 176,000 clients, Sterling is one of the leading providers in the US market of health insurance benefits for the 50+ and 65+ age brackets. Sterling holds a strong position in the growing market for Medicare Advantage plans. Medicare Advantage plans are health plan options that are part of the US government’s Medicare programme and are administered by private insurance companies. The senior markets are the highest growth segments in the US healthcare sector.
Wolfgang Strassl, Munich Re Board member responsible for HealthCare, stressed: "The acquisition of Sterling was a key step for us in implementing our International Health strategy. Sterling strengthens our competence as a global provider of integrated solutions in healthcare management."
signed Dr. Strassl signed Dr. Lawrence
This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of Munich Re. The company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.
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