Munich Re Buys Sterling Life
There's still money to be made with insurance. We're told that you can fall down the stairs, get hit by lava or lose your cat. So get yourself covered! In comes Munich Re, the world's second largest reinsurer whose business is all about reinsuring your insurance is insured under the same policy.
Anyway, they bought Sterling Life, the Bellingham-based company for $352 million. They provide health-care benefits to U.S. citizens above the age of 50, who bring 155,000 customers and $17 million in profits to the table in 2007. Makes sense, especially in the Best Ager segment. On second thought, the market share of Sterling is at a whopping 1%, so we're talking future investment in the sexy reinsurer business.
