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Companion Life acquires First Continental Life's commercial block of dental business

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Companion Life acquires First Continental Life's commercial block of dental business

Blue Cross andBlue Shield of South Carolina unit Companion Life Insurance Co. (SC) on Dec. 31, 2015, the entire commercialblock of dental business of DentalEconomics Holdings Inc. unit FirstContinental Life & Accident Insurance Co., according to an annualstatement for the year ended Dec. 31, 2015, filed by Companion Life.

First Continental Life received $6.2 million in considerationin the deal, according to an annual statement for the year ended Dec. 31, 2015,filed by the company.

Additionally, in conjunction with the sale of the business, FirstContinental Life and Companion Life entered into a 100% quota share reinsuranceagreement. Under the agreement, First Continental Life as reinsured cedes, and CompanionLife as the reinsurer accepts, 100% of the commercial insurance plans' collectedgross earned premiums, less payments of claim losses, brokers' commissions, accessfees and premium taxes. Companion Life also agreed to pay First Continental Lifean administration fee equal to 8% of the gross revenue generated by the reinsuredbusiness. In return, First Continental Life agreed to administer the business onCompanion Life's behalf.