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Octagon Risk Management was drafted Nov. 3, by Ohio-based CompManagement for $30 million from The St. Paul Companies.

And according to Octagon, the company will continue to operate under the same name as a division of CompManagement and its administrative offices in Oakland will served as CompManagement’s base of operations for the Western US.

As part of the change, Octagon President Stephen Brown was promoted to CEO of Octagon.

Brown’s response to the news was, "While our parent company has changed to CompManagement, all staff has been retained and will continue to service our clients, thus assuring a seamless transition. We look forward to having access to the expertise and support available within the CompManagement companies, as well as the additional markets that are now open to us."

Julie Kolibash, CompManagement’s spokeswoman told Business First that, “CompManagement will use Octagon's medical malpractice expertise to create its own medical malpractice business.”

Kolibash also said that, “We'll learn from them and they'll learn from us.”

Reportedly, The St. Paul’s decision to sell Octagon was based on its effort to focus on its core insurance business.

In its announcement CompManagement said, it “now enters the western United States by acquiring the strongest regional claims management firm in California, along with their existing 22 field offices located throughout the country.”

Octagon currently has about 275 employees and in California, Octagon has offices in San Diego, Orange, Long Beach, Los Angeles, Van Nuys, Stockton, Sacramento, Pleasanton and Oakland.