PARSIPPANY, N.J./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.