Wellfleet will acquire the student and special risk business of National Guardian Life Insurance Co. Inc.
A large portion of the business is processed through Commercial Travelers Life Insurance Co., a subsidiary of National Guardian Life. Wellfleet will immediately assume responsibility for administering National Guardian Life's special risk policies and collegiate accident and health insurance.
The transaction is expected to close in the third quarter, subject to various conditions, including the receipt of required regulatory approvals.
Wellfleet, a Berkshire Hathaway Inc. company, is headquartered in Springfield, Mass., and offers health and accident insurance products.
Grace Global Capital LLC is acting as a financial adviser to National Guardian Life.
