Independence Health Group finalizes sale of workers’ compensation insurance business
AmTrust acquires AmeriHealth Casualty; IHG retains TPA business
March 1, 2017 — Independence Health Group (IHG) announced today that the company has completed the sale of its former subsidiary, AmeriHealth Casualty Insurance Company (AmeriHealth Casualty), to AmTrust Financial Services, Inc. (AmTrust). As an IHG subsidiary, AmeriHealth Casualty offered workers' compensation insurance coverage to employers in the Mid-Atlantic region.
IHG will retain CompServices, Inc. (CompServices), its third party administrator for workers' compensation business. CompServices will provide TPA services to its self-insured customers as well as to AmTrust, in accordance with the terms of this transaction.
"The decision to exit the workers' compensation insurance business is a strategic step in positioning Independence Health Group for sustained long-term success, while allowing us to continue to focus on providing high-quality health insurance products and services," said Daniel J. Hilferty, president and CEO, Independence Health Group.
About Independence Health Group
Independence Health Group, together with its subsidiaries, serves nearly 8.5 million people in 25 states and the District of Columbia, including 2.5 million in southeastern Pennsylvania. In addition to a growing consumer business, Independence Health Group serves employer groups ranging from small businesses to national corporations. Headquartered in Philadelphia, Independence Health Group is a diversified company offering a wide range of services including commercial, Medicare and Medicaid medical coverage, third-party benefits administration, and pharmacy benefits management.