Long Beach, CA & Cranbury, NJ – TRISTAR Risk Management, the largest privately held, third party claims administrator in the United States, announced today that it is acquiring Risk Enterprise Management (REM). Terms were not disclosed.
TRISTAR and REM both have impressive reputations for customer service within the risk management community. The merger will create a leading national property & casualty TPA with significant scale, an extensive geographic footprint, deep analytical and IT resources and a diversified claims management offering.
“We are approaching the combination of the two companies as a merger to leverage the complementary strengths of both organizations,” stated Tom Veale, Founder of TRISTAR Risk Management. He went on to state that the combined company will provide the highest level of customer service and support to clients ranging from single location operators to those with a national footprint. The REM brand will be retired and the organization will be known as TRISTAR Risk Management going forward.
The combined company will generate in excess of $100 million in annual revenues and have nearly one thousand employees in forty-four offices strategically located in twenty-five states and all major metropolitan areas for maximum service coverage throughout the United States.
StoneRidge Advisors, LLC acted as financial advisor and Freeman, Freeman & Smiley, LLP acted as legal advisor to TRISTAR Risk Management for this acquisition. Sandler O’Neill + Partners, L.P. acted as exclusive financial advisor and Updike, Kelly & Spellacy, P.C. acted as legal counsel to REM.