News Release

Columbia, SC – Companion Life Insurance Company and its affiliates, Spectrum Underwriting Managers, Inc. (Spectrum) and Montgomery Management Corporation (MMC) are excited to announce that, effective immediately, Spectrum and MMC will combine all business operations. The combined organizations will operate and market under the Spectrum brand, under the leadership of Kurt Ridder, President.

Jon Anderson, Companion’s Vice President of Marketing & Chief Strategy Officer, Stop Loss, said, “We constantly look for ways to improve the experience of our policyholder, producer and TPA clients. Key to achieving that goal is allocating resources efficiently and effectively. We believe combining Spectrum and MMC into a single organization puts us in the best position to deliver stop loss solutions that meet the unique needs of current and prospective clients.”

Kurt Ridder, Spectrum’s President, added, “Spectrum’s 29-year history in the stop loss arena will be strengthened by the addition of key underwriting and sales talent from MMC. Further, MMC’s strong presence in complementary markets will nicely augment Spectrum’s national reach.”

Carrie Urbanelli, MMC’s President, commented, “MMC and Spectrum share common goals, relationships and protocols. We are excited for the opportunity to assimilate our talented team with theirs. Our sole focus is to offer our collective clients the best overall experience by combining our unique strengths and extensive knowledge bases.”

About Companion Life

Headquartered in Columbia, Companion Life has specialized in employee benefits since 1971. The company markets life, dental, disability, accident, specialty health — including medical stop-loss, limited benefit health plans and group supplemental retiree prescription drug plans — as well as other insurance programs, through a network of independent agents and brokers, general agents and managing general underwriters. Companion Life is licensed in 49 states and the District of Columbia. It holds an AM Best Rating of A+ (Superior).

About Spectrum Underwriting Managers, Inc.

Spectrum, founded in 1990 and acquired by Companion in 2016, is an industry-leading provider of medical stop loss insurance for employers as small as 15 employees. Spectrum’s broad product portfolio includes specific and aggregate stop loss with specific advance, aggregate accommodation, terminal liability, and no-laser renewal options, as well as its innovative Integrated Stop Loss, a bridge product designed to ease an employer’s transition from fully-insured coverage to true self-funding. Spectrum is headquartered in Indianapolis, IN.

About Montgomery Management Corporation

MMC has been providing innovative products and services to the stop loss marketplace since 1989. Acquired by Companion in 2007, MMC strives to provide first-class service with knowledgeable and friendly staff available to assist with all aspects of stop-loss placement.

Integrated Stop Loss (ISL)

Published on January 24, 2019

Integrated Stop Loss Insurance is the ultimate bridge product for employers seeking a simple way to move from a fully-insured group health plan to a true self-funded group health plan. Like traditional specific & aggregate stop loss insurance, Integrated Stop Loss is catastrophic coverage for self-funded group health plans. Employers enjoy all the benefits of traditional stop loss while also enjoying the ease of operation of a fully-insured group health plan. Best of all, Integrated Stop Loss always has a maximum cost lower than Spectrum’s traditional specific & aggregate coverage.

With Integrated Stop Loss there is just one maximum retention to satisfy before excess claims are reimbursed. The maximum retention is spread over 12 equal monthly payments that do not fluctuate with claim activity, only with enrollment. There is no specific retention to satisfy, nor is there an internal maximum limit on individual claims that apply toward the Integrated Stop Loss retention. The retention could be satisfied by just one catastrophic claim.

Highlights of Integrated Stop Loss:

  • Designed for employers as small as 15 employee lives (state-specific minimums apply)
  • 4-day guaranteed claim turn-around time on excess claims
  • All the benefits of traditional self-funding with the ease of a fully-insured group health plan
  • Employer retains all unused ISL retention funding at year-end; Spectrum NEVER touches the employer’s claims fund
  • A true ERISA plan allowing for complete flexibility with benefit plan design
  • Lower maximum plan costs than traditional stop loss insurance
  • More competitive against fully-insured competition
  • Employer writes just one check each month that covers both ISL premium and ISL retention funding (the TPA handles the split between premium and the claims account)
  • TPA manages the claim funding account, not Spectrum
  • ISL retention is spread over 12 monthly payments that do not fluctuate with claim activity; only with plan enrollment
  • ISL retention accumulates monthly – excess claims are reimbursed based on the monthly-accumulating ISL retention
  • Never an additional claim funding request (provided the ISL retention is fully funded)
  • First-year 12/12, 12/15 and 12/18 contracts are available
  • Terminal liability available
  • Pay-then-audit claim procedure
  • Quarterly reconciliation on claim fund surplus over $1,000

Contact Spectrum’s Sales Team for more information.  Please see the staff page for contact information.

Indianapolis, IN – Spectrum Underwriting Managers, Inc. is pleased to welcome Reece Cooper as Sales Executive.

Reece brings over three years of post-graduate sales and self-insurance industry experience to Spectrum and will serve as Sales Executive in a multi-state territory.  Reece graduated from Grand Valley State University with a BS Degree in Communication Studies and a minor in Business Administration.  Post-graduation, Reece worked for Lighthouse Group in Michigan and more recently Advanced Medical Pricing Solutions in Georgia, honing his sales, benefits and self-funding skillsets.  Additionally, Reece comes from a family steeped in both the MGU and TPA disciplines.

“We are thrilled to expand our sales footprint by adding Reece to Spectrum’s team.  He brings youth and enthusiasm to Spectrum, as well as communications skills beyond his years.  Reece’s addition, along with the mid-2017 additions of Senior Underwriters Katie Steinke, Carrie Lorenz and Susan McFarland, wonderfully augments Spectrum’s seasoned team of stop loss professionals” said Kurt Ridder, President of Spectrum.  “Expanding Spectrum’s sales team will give us the extra punch we need to grow in the competitive stop loss marketplace” added Mike Finn, Spectrum’s Vice President of Sales.

About Spectrum Underwriting Managers, Inc.

Spectrum Underwriting Managers, Inc., founded in 1990, is an industry-leading provider of medical stop loss insurance for employers from 15 to 500 employees.  Spectrum’s portfolio is specifically designed to appeal to small and mid-size employers.  Products include specific advance, aggregate accommodation, specific & aggregate terminal liability, a no-laser renewal option and innovative Integrated Stop Loss, a bridge product designed to ease a small employer’s transition from fully-insured coverage to true self-funding.  Spectrum is headquartered in downtown Indianapolis, Indiana.

Please contact Mike Finn, Vice President of Sales, at m.finn@spectrumhq.com for more information.

Plan Participant Disclosure Statements

Published on October 08, 2012

Beginning with January-2013 effective dates, Spectrum will require completion of Plan Participant Disclosure Statements on new-business sold cases where individual participant claims experience is unavailable.

This additional disclosure information is required only when individual participant claims experience is unavailable (e.g., small fully-insured employers) and is intended to supplement the Plan Sponsor Disclosure Statement that is also required on all newly-sold cases.  Information obtained from these statements is vital to the final sold-case underwriting process on groups without individual participant claims experience, and can also be a valuable tool to the employer when evaluating self-funding as a benefit financing option.

Requirement Parameters

  • Plan Participant Disclosure Statements are required on all new-business sold cases where individual participant claims experience is unavailable.
  • Plan Participant Disclosure Statements must be completed, signed and dated by all employees no sooner than three (3) months prior to the proposed effective date of the stop loss coverage.
  • If other, similar forms (i.e., from another carrier) have already been completed by all employees, Spectrum will accept those forms provided they are current to within three (3) months of the proposed effective date of the stop loss coverage.
  • Plan Participant Disclosure Statements may be submitted at any time during the underwriting process, but are not required until the final sold-case underwriting process as a supplement to the Plan Sponsor Disclosure Statement.  From a timing standpoint, Spectrum strongly recommends that these participant forms be submitted in conjunction with the Plan Sponsor Disclosure Statement.
  • If submitted at any time after the initial quote is released, stop loss terms may be revised.

The Plan Participant Disclosure Statement will be used to accurately assess the risk characteristics of the employer group.  The form is just one page and is divided into several sections, as follows:

  • General Employee Information
  • Covered Dependent Information
  • Medical Information (for the employee and its dependents)
    • Details required include:
      • Name of person referenced.
      • Medical condition.
      • Current and past treatment including medications and/or prescriptions.
      • Date range to include date of diagnosis and date of last treatment and/or medication/prescription.
      • Prognosis and status of the condition and if the condition ongoing.
  • Declaration of Completeness and Accuracy with Signature and Date

If you would like a PDF copy of the Plan Participant Disclosure Statement and instructions for completion, please contact us at 317-692-3285 or email us by clicking here.