Hooper Holmes, Inc. (AMEX:HH) of Basking Ridge, N.J., has acquired privately held Mid-America Agency Services, Inc. (MAAS), which provides risk selection services to the insurance underwriting industry.
In addition to underwriting services and an expanded geographic presence, this transaction provides Hooper Holmes’ Health Information Business Unit (HIBU) with outsourced underwriting capabilities and the ability to provide these services on a national basis.
Terms of the transaction were not disclosed.
Based in Omaha, Nebraska, MAAS operates three sites in Nebraska and Iowa with approximately 200 employees, including over 60 underwriters with MIB approval capability. MAAS is currently operating at a level of completing in excess of 200,000 underwriting units per year.
With approximately $11 million in annual revenue in 2003, this acquisition is expected to be accretive to Hooper Holmes in fiscal year 2004.
MAAS will continue to be led by its current chairman and chief executive officer, Thomas E. Gracey, and his management team.
Hooper Holmes, Inc. provides outsourced risk assessment services, including underwriting and claims information to the life, health, automobile, and workers’ compensation insurance industries. The company provides these health information services through over 275 locations nationwide and in the United Kingdom.