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Toronto-based private equity firm Onex Corp. has closed on a deal to acquire third-party administrator York Risk Services Group Inc. for $1.325 billion, York said in a statement.
Parsippany, New Jersey-based York said in an Oct. 1 news release that the deal “will help York continue to grow and expand the superior service and products they provide to customers in the specific markets they serve,” the statement said.
York Risk Services provides claims management for workers compensation policies and other commercial insurance lines, as well as managed care, risk management and specialized loss adjusting services.
The sale to Onex is one of a few deals that York has struck this year. York bought Donald K. Sams & Associates Inc., a Granite Bay, California independent claims adjusting company, in September, and acquired Sacramento, California-based Bickmore, an independent risk management, pool management and actuarial consulting firm, in May.
It's been three years since sweeping reforms to Illinois workers compensation laws reduced the costs for treating injured employees. But those in the construction industry say they have yet to see meaningful reductions in premium costs. In fact, some firms still are watching their workers compensation rates creep up — even as Illinois Gov. Pat Quinn touts a 19.3% drop in such costs statewide since 2011.