Independence Health Group signs agreement to sell workers’ compensation insurance business
AmTrust to acquire AmeriHealth Casualty; IHG retains TPA business
Philadelphia – October 28, 2016 – Independence Health Group (IHG) today announced that the company has signed a stock purchase agreement to sell AmeriHealth Casualty Insurance Company (AmeriHealth Casualty) to AmTrust Financial Services, Inc. (AmTrust). AmeriHealth Casualty, a subsidiary of IHG, offers workers’ compensation insurance coverage to employers in the Mid-Atlantic region. IHG will retain CompServices, Inc. (CompServices), its third party administrator for workers’ compensation business. CompServices will provide TPA services to its self-insured customers as well as to AmTrust, in accordance with the terms of this transaction.
“AmTrust has an excellent reputation as a company committed to serving its customers well,” said Daniel J. Hilferty, president and CEO, Independence Health Group, the corporate parent of AmeriHealth Casualty. “IHG will continue to focus on our core business of providing high-quality health insurance products and services.”
The transaction is expected to close during the fourth quarter of 2016, pending regulatory approval.
About Independence Health Group
Independence Health Group, together with its subsidiaries, serves more than 8.5 million people in 32 states and the District of Columbia, including 2.5 million in southeastern Pennsylvania. In addition to a growing consumer business, Independence Helath Group serves employer groups ranging from small businesses to national corporations. Headquartered in Philadelphia, Independence Health Group is a diversified company offering a wide range of services including commercial, Medicare and Medicaid medical coverage, third-party benefits administration, and pharmacy benefits management.
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Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. more