SOURCE: Trustmark Companies

May 01, 2008 15:59 ET

Trustmark Enters Into Agreement to Assume Destiny Health's Group Health Insurance Business

LAKE FOREST, IL--(Marketwire - May 1, 2008) - Trustmark Life Insurance Company, headquartered in Lake Forest, Ill., has agreed to assume, on June 1, the transfer of employer group health insurance business from Chicago-based Destiny Health Insurance Company.

Trustmark was selected to take over the business following a rigorous process undertaken by Destiny Health to identify a partner with the necessary experience and expertise in the group insurance market.

"We are excited to have the opportunity to assume this business from Destiny Health," said Warren Schreier, Executive Vice President, Trustmark. "We're pleased to be able to offer our expertise to Destiny Health's clients and are confident that they will receive the type of superior service they deserve. We are a financially strong company with a 95-year history of serving the needs of groups large and small."

The Destiny Health group business being assumed includes employers in Illinois. Through a reinsurance and service agreement with Destiny Health, coverage remains the same and Destiny Health's administrative company will continue to service the employer groups up to the renewal date. At renewal, Trustmark will offer plan options to the employers who have agreed to accept the transfer.

"We plan to work closely with the brokers serving Destiny Health clients to ensure a smooth transition," Schreier said.

Schreier also noted Trustmark's financial strength, including an A- (Excellent) rating for insurer financial strength from A.M. Best Co. and A- (Strong) rating from Fitch Ratings. Trustmark's parent company, Trustmark Mutual Holding Company, has assets of more than $1.7 billion and its companies administer more than $3 billion in health and life benefits annually.

About Trustmark Life

Trustmark Life Insurance Company is a subsidiary of Trustmark Mutual Holding Company. Through its subsidiaries and operating divisions, Trustmark Mutual Holding Company offers a broad line of life, medical, managed care, dental, disability, critical illness, and benefit administration products and services to groups and individuals. Small groups are served by the company's Starmark subsidiary, which was founded in 1985 with a sole focus on administering health and life benefits for employer groups with two to 50 employees. The Trustmark Group Benefits division serves employers with 50 or more employee lives. Visit www.trustmarkinsurance.com

Contact Information