BPC Staff | Oct 19, 2011 | 3:32 pm |
<1 min read time
HealthSmart Holdings Inc. yesterday announced that it 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., the nation’s fifth-largest insurance brokerage. Terms of the transaction, which is expected to be completed by the end of the year, were not disclosed. 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 West Virginia, Alaska, North Carolina and Georgia. Nearly 600 Wells Fargo TPA employees will join HealthSmart, which manages more than $4.2 billion in claims annually.
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