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CRANBURY, N.J.—Third-party administrator TRISTAR Risk Management says it is acquiring Cranbury, N.J.-based national property/casualty claims-management company Risk Enterprise Management Ltd.
REM's brand will be retired and the combined company will operate as TRISTAR Risk Management. The combination is expected to generate more than $100 million in annual revenue with nearly 1,000 employees in 44 offices providing services nationwide, TriStar said last week.
Terms of the deal, which was effective April11, were not disclosed.
Long Beach, Calif.-based TRISTAR said neither company will close offices. It also said that a “significant corporate office presence” will be maintained in Cranbury.
“We are approaching the combination of the two companies as a merger to leverage the complementary strengths of both organizations,” Tom Veale, TRISTAR's founder and president, said in a statement.
Privately held TRISTAR said it has more than 600 employees in 22 branch offices across 10 states with annual revenue of $65 million.
“The merger will create a leading national property/casualty TPA with significant scale, an extensive geographic footprint, deep analytical and (information technology) resources and a diversified claims management offering,” TRISTAR said in the statement.