LONG BEACH, Calif.--(BUSINESS WIRE)--TRISTAR Insurance Group, Inc. (TRISTAR), the largest privately owned, independent third-party claims administrator in the United States, 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.
TRISTAR is the largest privately held third-party claims administrator and Managed Care provider in the United States. Headquartered in Long Beach, California, TRISTAR employs approximately 850 professionals working in 30 offices or remotely throughout the country. TRISTAR provides clients with excellent claims and risk management services, including self-insureds, insurance carriers, program underwriters, public entities, and risk pools. Services include property casualty and employee benefit claims administration, safety and loss control, medical case management, utilization and medical bill review.