Daytona Beach, FL – J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE: BRO) recently announced that The Advocator Group, LLC, a wholly owned subsidiary of Brown & Brown, Inc., has acquired MEDVAL, LLC.
MEDVAL is an industry leader providing a suite of MSP-compliant services, which services incorporate consistent experience in front-line claims negotiation and comprehensive settlement solutions. MEDVAL has annual revenues of approximately $10,000,000.
The MEDVAL team will continue to operate from their offices in California, Pennsylvania and Maryland, as MEDVAL, LLC, under the leadership of Jon Gunter and the experienced MEDVAL team. MEDVAL leadership will report to Julie Turpin, Chief Executive Officer of The Advocator Group.
Bailey Southwell & Co. acted as exclusive financial advisor to Cobalt Ventures, LLC the captive private equity subsidiary of Blue Cross and Blue Shield of Kansas City, in this transaction, and had previously represented MEDVAL in its April 2016 sale to Cobalt Ventures.
Since 2003, MEDVAL has delivered industry-leading Medicare Secondary Payer (“MSP”) compliance services to the workers’ compensation and liability insurance markets. MEDVAL was the first firm to offer a single-source solution for the Medicare Set-Aside (“MSA”) process and remains the only firm that can handle all aspects of the pre- and post-settlement MSA process in-house.
With the combination of MEDVAL and Brown & Brown’s existing MSP compliance solutions, Brown & Brown will have stronger national coverage and more JD/RNs than any other MSP compliance provider.
Source: Brown & Brown, Bailey Southwell