Long Beach, CA – TRISTAR Insurance Group, Inc. (TRISTAR), the largest privately owned, independent third-party claims administrator in the United States, recently announced it has agreed to acquire Risico Claim Management, Inc. and Risico Total Managed Care, Inc.’s self-insured book of business. The transaction is expected to close effective February 1st, 2022.
Risico was found by William J. Van Beurden (Bill) in 1999. Their clients primarily consist of public agencies and food processors. Their Fresno-based team offers decades of experience serving California employers. The acquisition is a strategic move that will further strengthen TRISTAR’s footprint in California’s Central Valley.
“We are very pleased to join the TRISTAR family,” said Steven C. Wigh, Chief Operating Officer Risico Claims Management, Inc. “This move offers our employees and self-insured customers access to the resources that a well-established national TPA can provide. We look forward to adding to TRISTAR’s already significant presence in Fresno and the greater San Joaquin Valley.”
Tom Veale, President of TRISTAR, stated, “We are excited to have the Risico and Total Managed Care teams join the TRISTAR organization. They have built a strong reputation in the public agency and food processing industries and add significantly to our bench strength. We feel that the firm that Bill and Steve built is a great fit culturally for our firm.”
The terms of the transaction were not disclosed.
Headquartered in Fresno, Risico has specialized in providing services to public agencies and food processors, delivering highly effective claims management, managed care/utilization review, bill review, and MPN management services. “Risico” is Dutch for “risk,” reflecting the family heritage of owner Bill Van Beurden, a veteran insurance executive and entrepreneur. Mr. Van Beurden founded AARLA (now Risico) in 1999, and Total Managed Care (TMC) in 2000.