Dallas-based general agency CPro Associates Inc. has acquired Accident Insurance Services Inc., also of Dallas. Both companies specialize in Texas nonsubscriber occupational injury benefit plans.
The stock purchase transaction becomes effective Oct. 1.
Alan Hardin, CEO and founding partner of CPro Associates, said the aggregate premiums of the two firms will be greater than $35 million.
At present, the two companies will continue to operate under their own names, although the majority of the AIS book of business will be moved to the “CPro Texas Option” plan. That plan is insured by Nationwide.
Nonsubscriber plans became popular in Texas in the late 1980s, when fast-rising workers’ compensation costs rose precipitously. Alan Hardin was among the first to refine the plans and make them viable, attractive options for Texas employers that wanted to provide first-rate occupational injury benefit programs, but also have better cost control.
About one-third of all Texas employers have nonsubscriber plans, including familiar names such as WalMart , Home Depot, Baylor, Hermann Hospitals, Neiman Marcus, Macy’s, Sonic, McDonald’s and many more. Nonsubscriber plans often offer cost savings of 25 percent or more, compared to workers’ compensation plans.
The CPro Texas Option product targets non-hazardous employers who are focused on employee safety, reduced expenses and excellent employee benefits. The company said it provides options not generally available within the workers’ compensation system, including disability benefits up to 90 percent, compared to 70-75 percent for workers’ compensation, and weekly benefits up to $1,000, compared to $861 for workers’ compensation.
Source: CPro Associates Inc.
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