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| | Tristar Risk Management Acquires Risk Enterprise Management
By Press Release - April 13, 2012
Long Beach, CA / Cranbury, NY (April 13, 2012) TRISTAR Risk Management, the largest privately held, third party claims administrator in the United States, announced today that it is acquiring Risk Enterprise Management (REM). Terms were not disclosed.
TRISTAR and REM both have impressive reputations for customer service within the risk management community. The merger will create a leading national property & casualty TPA with significant scale, an extensive geographic footprint, deep analytical and IT resources and a diversified claims management offering.
“We are approaching the combination of the two companies as a merger to leverage the complementary strengths of both organizations,” stated Tom Veale, Founder of TRISTAR Risk Management. He went on to state that the combined company will provide the highest level of customer service and support to clients ranging from single location operators to those with a national footprint. The REM brand will be retired and the organization will be known as TRISTAR Risk Management going forward.
The combined company will generate in excess of $100 million in annual revenues and have nearly one thousand employees in forty-four offices strategically located in twenty-five states and all major metropolitan areas for maximum service coverage throughout the United States.
StoneRidge Advisors, LLC acted as financial advisor and Freeman, Freeman & Smiley, LLP acted as legal advisor to TRISTAR Risk Management for this acquisition. Sandler O’Neill + Partners, L.P. acted as exclusive financial advisor and Updike, Kelly & Spellacy, P.C. acted as legal counsel to REM.
About TRISTAR Risk Management
TRISTAR Risk Management (www.tristarrisk.com) is the largest privately owned, independent third party claims administrator in the United States. Founded 25 years ago in 1987 TRISTAR is celebrating 25 years of providing excellent risk management services to a variety of clients including self-insured’s, insurance carriers, program underwriters, public entities and risk pools. With corporate offices in Long Beach, CA TRISTAR has 600 plus employees located in 22 branch offices across 10 states with annual revenues of $65 million.
About Risk Enterprise Management (REM)
Headquartered in Cranbury, NJ, REM (www.remldt.com) provides claims and managed care TPA services to Fortune 1000 businesses, program managers, insurers, reinsurers and brokers across the United States from 22 service office locations. Known for controlling its customers’ loss costs by aggressively managing leakage through professional best practices, the company also provides user-friendly, web-based information tools along with extraordinarily responsive, tailored customer service.
Source: TRISTAR Insurance Group
Contact:
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