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| | TRISTAR Draws EOS Into Its Solar System
By Robert Warne - August 21, 2002Big things have been happening at Tristar Insurance Group over the last couple of months. As of July 1, it purchased EOS Claims Services, Inc.(EOSCS), from Health Net Inc., making it one of the largest private third party claims administrators in the United States.
In an Aug 16 announcement, Tristar President, Tom Veale said, “Given the reputation of EOSCS in the industry, the acquisition validates Tristar Insurance Group as a leader in the insurance and risk management marketplace.
“This augmentation of our company will immediately provide us with expanded resources to better serve our clients across the western United States.”
In its second quarter 10-Q statement Health Net reported that Tristar paid $500,000 in cash for EOSCS. Also as part of the deal, Tristar entered into an exclusive payor services agreement to use EOS Managed Care Services, Inc., which remains a Health Net subsidiary.
Health Net estimated the company’s loss on the sale of EOSCS was $2.6 million.
One company’s loss is another’s gain though, since EOSCS brings to the table approximately 50 clients with a concentration of public entities. The two organizations combined will now have more than 350 employees. With California offices in Irvine and Walnut Creek, EOSCS also has facilities in Corpus Christi and San Antonio, TX as well as Portland, OR.
Headquartered in Long Beach, Tristar was founded in 1987 and has claims offices in Sacramento, Los Angeles, Valencia, Orange County, San Diego, Phoenix, AZ, Las Vegas, NV and Denver, CO.
As the claims business gravitates from carriers to TPAs and the number of organizations deciding to self-insure increases, Tristar is aligned in an ideal position to reap the maximum benefits available from this current trend. |
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