Willis Sells Third Party Administrator
NU Online News Service, Nov. 11, 11:42 a.m. EST?Willis Group announced the sale of its life and health third-party administrator business to Fiserv, a provider of integrated data processing and information management systems to the financial industry.
Joe Plumeri, the London-based insurance broker's chairman and chief executive officer, said in a statement that as the firm continues to concentrate on its core property-casualty insurance business it is fitting it exits non-core businesses, such as its life and health TPA.
Willis did not disclose terms of the transaction.
The TPA business, located in Nashville, Tenn., employs a staff of approximately 250, Willis said, and provides benefit administration and consulting nationally to self-funded and fully insured employers. In addition to claims administration, the TPA deals in flexible benefits administration, COBRA/HIPAA administration, plan design services, and managed care consulting.
Leslie M. Muma, Fiserv president and chief executive officer, said the sale would help the Wichita, Kan.-based information management company further its commitment to healthcare benefits administration and services.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
