Cypress Benefit Administrators, an Appleton, Wisc.-based third-party insurance administrator, has purchased H.E.P. Admistrators of Oconomowoc. Terms of the sale were not disclosed.
Customers of H.E.P. in Wisconsin, Illinois and Iowa will have more product and technology options, Cypress said.
Cypress will assume administration of all employer-sponsored medical, dental and other employee benefit plans previously handled by HEP, said Cypress president Tom Doney. Claim administration and customer service will continue to be handled from the Oconomowoc office and internal third-party administration functions will be consolidated into Cypress’ offices in Appleton.
HEP serves more than 40 Midwest employers representing more than 7,500 employees and family members. HEP clients are expected to be integrated into Cypress’ portfolio this month.
Cypress Benefit Administrators, founded in 2000, administers self-funded medical, dental and other benefit plans for more than 100 clients in 39 states
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