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| | Sedgwick Supersized its Final Second Quarter Order
By Robert Warne - July 1, 2002Sedgwick Claims Management Services is two more steps closer to becoming the world’s largest third party administrator in risk management. The company kicked off the third quarter with the announcement that it had purchased Preferred Works, Inc. In Sedgwick’s July 1 press release the company reported it had acquired the customer contracts and other operational assets of Preferred Works from First Health Group Corp.
David North, president and CEO of Sedgwick commented on how well Preferred Works compliments Sedgwick’s business.
“Preferred Works is especially well established in their market as an administrator of self-insured state disability programs, particularly California Voluntary Plans. They were pioneers in integrated disability management, as were we. Their specialty in stand-alone disability programs complements our other service offerings.”
As far as California claims professionals are concerned, it was also noted that the Preferred Works claims staff would continue to support their disability claims clients from the Pasadena office.
First Health reported it valued the transaction that closed June 28, at $4.15 million.
Also in the last week before closing out the second quarter, Sedgwick acquired Johnston & Culberson, Inc. (JCI).
JCI was the largest privately held third party workers’ compensation claims administrator in the Pacific Northwest prior to the deal.
Sedgwick was founded in 1971, and in its more than 80 offices employs over 2,500. The company’s specialty areas include workers’ compensation, employers’ general and automobile liability and short and long-term disability. |
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