Intercare Specialty Risk Insurance Mergers with PRM Insurance

Rocklin, Calif.-based Intercare Specialty Risk Insurance Services Inc. and PRM Insurance Services Inc. have inked a contractual agreement for the companies to work together under the management of newly formed Phoenix Risk Management Insurance Services. The objective, mutually agreed by the principals of both Intercare and PRM, is a consolidation of all programs, contracts and personnel of the two companies into Phoenix Risk Management Insurance Services, which will be wholly owned by Intercare Specialty Risk Insurance Services.

The merger brings together 35 years of combined workers’ compensation experience to underwriting, marketing, claims management, loss control and program development.

After 17 years of dedicated service to PRM, CEO Gene Marsh has retired. ISRIS CEO Kevin Hamm will lead the combined company as chairman and CEO. Renee Leslie Iaia, executive vice president of ISRIS, has been promoted to president of Phoenix Risk Management.

The programs formerly administrated by PRM have been combined with those of Intercare Specialty Risk, but the underwriting staff and employees with whom brokers have been working with will remain the same under Phoenix

With combined in-force premium in excess of $85 million.

Intercare Specialty Risk Insurance Services (ISRIS) is a full-service wholesale insurance brokerage operation specializing in workers’ compensation. The company was founded in 1988 and based in Rocklin.

PRM Insurance Services is a wholesale insurance broker, managing general agent, program manager, and managing general underwriter, which offers niche market specialty insurance products and risk management tools to appointed retail brokers.

Topics Mergers & Acquisitions Agencies Excess Surplus Risk Management