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GENEX buying Intracorp's workers comp business

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WAYNE, Pa.—GENEX Holdings Inc. says it has agreed to purchase the workers compensation and disability management business of Philadelphia-based Intracorp, a unit of CIGNA Corp.

The combined business will be led by Peter Madeja, CEO of GENEX.

GENEX said Thursday in a statement that the deal will create the “the industry's largest workers’ compensation and disability field case management network.”

Intracorp is the nation’s largest case manager, based on 2009 case management revenues of $306.6 million, according to Business Insurance’s 2010 ranking. GENEX Services Inc. ranked third with $175 million in case management revenues.

GENEX reported that 83% of its case management business was from workers compensation cases, while Intracorp said workers compensation represented 25% of its case management business.

The transaction is expected to close within weeks, the companies said.

Terms were not disclosed, although CIGNA will receive GENEX stock and remain an ongoing GENEX minority shareholder.

Intracorp will continue to offer health management and wellness programs to employers and other purchasers.