Dallas, Texas-based CPro Associates Inc., a provider of nonsubscriber occupational injury benefit plans, has purchased Pan-American Benefits Solutions’ nonsubscription book of business, effective May 14, 2018.
CPro President Michael Hardin said that purchase results aggregate premiums of more than $30 million for CPro.
CPro will roll the Pan-American Benefits Solutions nonsubscription accounts into the “CPro Texas Option” plan insured by Nationwide.
The purchase of Pan-American Life’s Texas nonsubscription book represents CPro’s second major acquisition in the nonsubscription program in under two years.
Nonsubscriber plans became popular in Texas in the late 1980s, when fast-rising workers’ compensation costs rose precipitously. 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, according to CPRo’s announcement.
The CPro Texas Option offers Texas nonsubscriber plans for non-hazardous employers who are focused on employee safety, reduced expenses and excellent employee benefits. It provides disability benefits up to 90 percent and weekly benefits up to $1,000.
CPro Associates Inc., is a general agency serving commercial insurance agencies nationwide with access to products and markets for workers’ compensation and Texas nonsubscriber plans.
Source: CPro Associates Inc.
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