Health Insurer With Ties to RGA Changes Its Name

The managers of a new type of supplemental health insurance issuer say they have changed the company’s name — to Brella Insurance Inc., from Clara Insurance Inc. — and raised $1.5 million in additional financing.

The company has also started selling its product in the employee benefits market in Texas.

The product is an insurance policy that pays a fixed cash indemnity benefit when the insured suffers from one of about 13,000 specified health conditions, such as a broken arm, or pneumonia.

The policy is similar to a critical illness insurance policy in some ways, except that it pays a small benefit when an insured individual suffers from one of many triggering everyday conditions, rather than a large benefit when an insured individual suffers from a specified critical illness.

(Related: Clara Insurance to Offer New Type of Indemnity Health Product)

For a simple broken arm, for example, the policy might pay a benefit ranging from $200 to $750, depending on the benefits richness level selected.