PRAIRIE VILLAGE, Kan.--()--Individual Assurance Company (IAC) and The Plateau Group, a Tennessee-based privately held insurance and financial services company, have entered into an agreement under which the two organizations have agreed to market and administer insurance and debt protection programs in the financial institutions markets they serve. Additionally, Plateau will acquire the credit insurance and group mortgage insurance business of IAC via reinsurance transaction. The terms of the agreement were not disclosed.
“We are extremely pleased to announce our marketing and reinsurance agreements with The Plateau Group”
“We are extremely pleased to announce our marketing and reinsurance agreements with The Plateau Group,” said Jim Harlin, President and Chief Executive Officer of IAC. “Plateau is one of the nation’s premier providers of insurance products and services to financial institutions. The opportunity to partner with them to expand IAC’s presence as a premier administrator of financial institution insurance and debt protection programs is exciting.”
Under the agreements, the majority of the IAC sales and marketing employees who support the credit insurance, group mortgage insurance, and debt protection programs will join The Plateau Group. As part of the reinsurance agreement, IAC will continue to write new credit insurance and group mortgage products during a transition period until Plateau secures the necessary authority to write business in several jurisdictions. The agreement does not include the ordinary life insurance business underwritten by IAC.
“Our agreement with IAC represents another important step in carrying out our overall plan for growth,” said Dick Williams, President and Chief Executive Officer of The Plateau Group. “Being able to bring the IAC sales staff and their quality client relationships to the Plateau marketing team makes this a particularly attractive opportunity for us.”
About The Plateau Group, Inc.
Founded in 1981 in Crossville, Tennessee, The Plateau Group, Inc., is an underwriter of payment protection products and a distributor of related financial products and services throughout the United States. Plateau serves clients in the banking, consumer finance, automotive and retail industries, and holds a national reputation as a provider of reinsurance and reinsurance accounting.
For more than 50 years, IAC has served communities and groups across the United States and in Pacific Island Nations by offering life, health, and accident insurance products to residents and members through financial institutions and general agencies.