HealthSmart Holdings Inc., based in Dallas, Texas, has entered into a definitive agreement to acquire Wells Fargo Third Party Administrators Inc., the medical third party administration (TPA) business of Wells Fargo Insurance Services USA Inc. – part of Wells Fargo & Co.
Wells Fargo TPA offers employee benefits and claims administration services for employers. HealthSmart will acquire all of the operating assets and related liabilities of the TPA. As part of the transaction, HealthSmart will assume the leases for office locations in Charleston, W.Va.; Juneau, Alaska; Fayetteville, N.C.; and Newnan, Ga.; and nearly 600 Wells Fargo TPA employees will join HealthSmart.
Following the acquisition, HealthSmart will have annual revenues of more than $100 million, employ more than 1,000 workers, and manage more than $5 billion in claims.
The acquisition expands HealthSmart’s footprint beyond Texas, Colorado, Ohio and California to the East coast, the company’s announcement said.
Source: HealthSmart
Topics Mergers & Acquisitions Texas
Was this article valuable?
Here are more articles you may enjoy.
Chubb Posts Record Q4 and Full Year P/C Underwriting Income, Combined Ratio 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
GEICO Settles Call-Center Worker Suits for $940,000; Attorneys Get Half 
Zurich Reveals Beazley Stake After UK Insurer Spurns Bid 
