Business News: The Hartford, Maxum, Care Bridge International

The Hartford has completed its acquisition of Maxum Specialty Insurance Group for $168 million in cash. The transaction closed on July 29, 2016.

Maxum will maintain its brand and limited wholesale distribution model and will be managed as a separate unit within The Hartford’s Small Commercial business.

Maxum wrote only $157 million in premium last year and Hartford’s small commercial unit writes about $3 billion on an annual basis,  however Hartford’s  distribution network of 10,000 agencies gives it an opportunity to grow this business line beyond the $157 million in premium, the Aite Group analyst said.

Maxum Specialty Insurance Group, founded in 2003, is comprised of Maxum Indemnity Co. and Maxum Casualty Insurance Co. Maxum Indemnity is an authorized non-admitted excess and surplus lines insurer in 49 states; the District of Columbia; and the territories of Puerto Rico and the U.S. Virgin Islands. Maxum Casualty is an approved admitted carrier in 50 states and the District of Columbia. Both companies are domiciled in Delaware.

Maxum writes business through a select group of primarily independent wholesale brokers and general agents. Maxum is rated A-VIII from A.M. Best and its statutory surplus has grown to more than $114.6 million.

Care Bridge International announced the launch of its technology based Medicare Set Aside (MSA) services through MSP Compliance Bridge, a wholly owned subsidiary of Care Bridge International.

The company was formed in August 2015 by former claim, clinical and data analytic experts, and has a data warehouse in excess of 150 million medical claim transactions and over 2500 Medicare Set Asides previously submitted and approved by the Centers for Medicare and Medicaid Services (CMS).

By applying data science, the company has developed the Analytic-Powered MSA consistent with CMS requirements for Medicare Set Asides. Using simple drop down selections, it delivers a Medicare Set Aside report, instantly.

The Analytic-Powered MSA was developed for:

• Clients desiring the option not to submit an MSA to CMS for review and approval, while ensuring that all the requirements of CMS are fully met for protecting Medicare’s future medical recovery rights.
• For MSAs which do not meet the CMS work load threshold for review including Medicare beneficiaries with a total settlement less than $25K or a claim with a reasonable expectation of Medicare eligibility within 30 months with a total settlement value of less than $250K.
• For Workers Compensation or Liability (general, auto-no fault, third party) claims in which limited or no medical information exists to extract a thorough medical history.
• Parties at the settlement table who realize that a MSA has not been produced to protect Medicare, a MSA report can be generated instantly to bring the claim to closure

The company’s Traditional MSA incorporates the subjective CMS review practices known to experienced planners. MSP Compliance Bridge’s CMS acceptance of MSAs submitted and reviewed by CMS is 96 percent. The company also offers the full scope of non-group health Medicare Secondary Payer compliance services including Conditional Payment resolutions, CMS Submissions, post settlement MSA account administration support, MMSEA Section 111 reporting, Compliance consultations, education/ training and prescription drug reviews.

MSP Compliance Bridge is a wholly owned subsidiary of Care Bridge International, offering data intelligence for Medicare Secondary Payer Compliance.

For more information contact Jessica Klement at 888-434-9326 Ext. 103 or Email. A 10-day trial is available at: https://carebridgeinc.com/Demo