HM Insurance Group is a Pittsburgh-based company consisting of several subsidiaries that provide the life, health, and other types of insurance around the country. The group is licensed in all 50 states and the District of Columbia. Their business is dedicated primarily to companies looking for benefits packages for their employees and other insurance companies looking for reinsurance coverage. Therefore, it is unlikely that you would purchase policies from HM on an individual basis.
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HM Insurance Group was originally established in 1980 to help commercial customers find alternative sources for their benefits programs. From there they moved into the area of managed risk for healthcare benefit plans. In just over 30 years in the business, the company has grown and expanded through new business and acquisitions to become one of the foremost providers of Stop Loss coverage in America.
HM Subsidiaries and Product List
HM Insurance Group consists of the following five subsidiaries:
- HM Life Insurance Company
- HM Life Insurance Company of New York
- HM Benefits Administrators
- Highmark Casualty Insurance Company
- HM Casualty Insurance Company
The core of their business is Stop Loss coverage, which provides for management of excess risk inherent in employee benefits packages. This type of insurance acts as a supplemental policy that kicks in if an employer’s primary health care benefits provider does not have the financial means to meet obligations. Along with Stop Loss coverage, HM provides its Workplace Advantage program, which offers direct benefits like disability, worker accidents, critical illness, and life insurance.
On a broader scale, the company provides reinsurance services for HMOs. Reinsurance is similar to Stop Loss except that it is applied to the insurance company providing the HMO rather than the employer who subscribes to it. If an HMO finds itself in the position where it’s unable to pay current claims, the HM reinsurance policy would cover them against losses.
Finally, for employers who must reduce the amount of coverage given their employees, or cancel health insurance altogether, HM provides an affordable but limited medical policy. This policy will not cover individuals to the same extent a current HMO or major medical policy would, but it does provide adequate coverage in the most important areas. This type of policy would be purchased by the individual from HM Insurance Group with the employer acting as intermediaries.
HM Locations and Agents
HM Insurance Group maintains its headquarters in Pittsburgh, PA and a regional office in Omaha, NE. Below is the contact information for both:
HM Insurance Group
120 Fifth Avenue, PO Box 535061
Pittsburgh, PA 15253-5061
Telephone: (800) 328-5433
9290 West Dodge Road, Suite 300
Omaha, NE 68114
Telephone: (888) 445-5202
The company utilizes a network of agents, also known as producers, to help service its policies. These producers work directly with clients to custom design policies and benefits packages to meet their specific needs.
In order to become a producer, interested agencies should visit the HM Insurance Group website to download an application. Once an agency has been approved HM provides all of the tools and resources necessary to properly service clients. Unfortunately, HM doesn’t offer a way to find producers from their website.
HM Financial Standing
HM Insurance Group enjoys good financial standing at the current time. A.M. Best gives them a rating of “A-” for their financial strength and a “stable” rating for their future outlook. The combination of these two ratings demonstrates the company’s ability to meet anticipated claims as well as pay on current and future debt obligations. Furthermore, financial records filed by the company at the end of 2010 show they have more than $23 million in assets and a policy surplus in excess of $10 million.
The careers link at the HM website redirects the browser to a dedicated employment section with plenty of information. HM says they consider employees an integral part of the company and one of their most important assets. In order to hire and retain the best employees in the industry the company offers competitive salary and a long list of benefits that include:
- 401(k) plan
- Health, dental, and vision coverage
- Group disability and life insurance
- Paid holidays and vacations
- Educational assistance
HM currently has openings in a variety of departments including sales, claims, financing, and customer service. They provide a searchable job listings database, which allows you to browse by geographical location, job description, or job title. They invite you to consider joining their staff currently numbered and about 500. You may send resumes to their HR department as directed with the individual job postings.
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