York Risk Services Group Acquires Avizent
PARSIPPANY, N.J., Dec. 20, 2011 /PRNewswire/ -- York Risk Services Group (York), a premier national provider of claims-management, specialized loss adjusting, insurance pool administration and other insurance services, today announced it has acquired Dublin, OH-based Avizent. The terms of the acquisition were not disclosed.
Avizent, a national third party administrator, provides claims management services, managed care services, alternative risk financing options and a variety of loss control services to clients ranging from public entities, self-insured clients and carriers.
"York specializes in market segments where we can bring both expertise and commitment to excellence to bear. Growing through strategic acquisitions allows us to continually expand and improve product and service offerings to our customers," says Tony Galioto, President and Chief Executive Officer of York Risk Services Group. "This acquisition makes tremendous sense for both companies and for our clients and employees. Our strengths and areas of specialization and even our geographic concentrations complement each other. Bringing these two companies together will give our customers a best-in-class suite of risk management and insurance services backed by outstanding service and the ability to deliver to measurable results."
"We are pleased to be joining York," says Thomas W. Watson, President and Chief Executive Officer (CEO) for Avizent. "The natural synergies between the companies will allow us to easily pool our expertise and to provide customers with even better claims management solutions across all states and all lines of business."
"This acquisition brings together two high-quality companies led by skilled executives that share a common vision of service and excellence," notes Brent Stone, Partner at ABRY Partners, LLC, the private equity firm that provided capital for the transaction. "The combined company will leverage the strengths of both York and Avizent to create a strong industry leader that is committed to growth, service and success," he adds.
About York Risk Services Group
York Risk Services Group is a premier provider of claims-management, specialized loss adjusting and other insurance services nationwide. York provides risk management solutions to a wide variety of strategic partners, including insurance carriers, self insureds, brokers, wholesalers, MGAs, programs, risk pools and public entities. York delivers customized claims solutions for all lines of business, including property, liability, products liability, ocean and inland marine, environmental, transportation and logistics, construction, and workers' compensation and managed care. York is based in Parsippany, N.J., and has more than 1,200 employees nationwide. Visit us on the Web at www.yorkrsg.com.
Avizent, based in Dublin, Ohio, offers client-defined solutions with the ability to fully integrate claims management, managed care services, and a nationwide PPO network. In addition, Avizent has differentiated itself by providing alternative risk / captive programs, as well as associated risk management services. The company has over 50 locations and operates from coast to coast.