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Tristar Risk Management To Move REM’s Brea Office Into Tristar’s Santa Ana Building. An interview with Tristar President and CEO Tom Veale.
By Lonce LaMon - June 1, 2012

Just this past April, a mere several weeks ago, Tristar Insurance Group also known as Tristar Risk Management, purchased Risk Enterprise Management also known as REM, a nationwide claims management third-party-administrator with one lone claims office that has been in California for over two decades.

The REM claims office on East Imperial Highway in Brea, California, has been well known during the last twenty years for handling workers’ compensation and liability claims.   Back in the 1990s, that office handled a large inventory of run-off claims which required temporary adjusters for long stretches of time—some of whom stayed on at REM Brea as temporaries for three to four years.   Then, after the turn of the millennium, the run-offs waned and the claims personnel consolidated.

Tom Veale, the President and CEO of Tristar, based in Long Beach, California, paused yesterday to answer some questions of this writer regarding his how and why of his purchase of REM. 

Lonce LaMon:  Why did you buy Risk Enterprise Management?

Tom Veale:  As many of our clients continued to expand, we saw the need to build a national footprint to support them.  While this process has been in place for a number of years, we saw the opportunity with REM to make a significant step towards that goal.  Although we had looked at a number of merger partners over the past several years, none of them impressed us the way that REM did.  As we checked REM’s references with carriers, brokers, and clients, we found that they had a stellar reputation that we wanted to have part of our organization.   The shared vision of “the customer comes first” that permeates both organizations led us to believe that they would be a great fit.

Lonce LaMon:  What are REM’s main services and how do you plan to change or develop them? 

Tom Veale:  REM was a workers’ compensation and liability claims administrator who historically outsourced their managed care activities.  Their focus has been on writing Fortune 2000 clients, most of whom use large deductible programs for risk financing.  Over time, we will gradually move to a bundled model for clients who see an advantage in that. 

Lonce LaMon:  Will you integrate Risk Enterprise Management in with Tristar or keep it a separate entity? 

Tom Veale:  The two companies will be integrated into one entity.  Operational management will be integrated by the end of Summer, while full computer systems integration will continue into early 2013.

Lonce LaMon:  Will you close the REM Brea office or keep it open? 

Tom Veale:  The REM Brea office will move to space that we have in our Santa Ana building.  Dave Dilly (Vice-President of Claims) and Dennis Hoppe (Claims Manager) will continue to manage that operation.  Under their leadership, REM has developed a significant following with California brokers and clients.  We look for them to continue to do that under the Tristar umbrella. 

Lonce LaMon:  What are your ambitions for the whole company, Tristar? 

Tom Veale:  We believe that there is room in the market for an independently owned third-party claims administrator with national reach as well as the ability to deliver very local service.  Our plan is to fill that niche and refine our service model to further distance ourselves from the competition. 

Lonce LaMon:  Okay.   Any other information you’d like to tell me?

Tom Veale:  We will be announcing another acquisition later this week—smaller firm, but important to serving the geographic needs of our clients.

Holy smoke.  Tristar’s really on the move with another acquisition to be announced later this week, and it’s already Friday!   So, will it be announced in the next five minutes?

Stay tuned…

lonce@adjuster.com

 
 

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