The group also includes affiliates of Goldman Sachs Group and Credit Suisse Group AG
A group of private equity investors, led by Blackstone Group, is launching a new insurance agency in US, seeing an opportunity to sell to small businesses and middle-income households – reported in Reuters.
The group also includes affiliates of Goldman Sachs Group and Credit Suisse Group AG. The new company will be named – Insphere Insurance Solutions, which will be headed by former New York Life executive, Phillip Hildebrand.
Phillip Hildebrand, Chief Executive of HealthMarkets, said: Insphere Insurance Solutions will be exclusively focused on the under-served small business and middle-income market. This market has been largely ignored by major insurance carriers and agents who have migrated to serve more affluent customers.
According to the company, Dallas-based Insphere plans to commence its functioning by 2010. It is on the verge of signing a marketing agreement with ING Groep NV, to offer ING’s term life and universal life products.