London insurance services firm acquires California TPA

Charles Taylor P.L.C. said Monday that it has acquired Metro Risk Management L.L.C., a Long Beach, California-based third-party claims administrator, for a maximum of $1.8 million.

London-based Charles Taylor will pay $1.3 million in cash on completion of the deal, expected Tuesday, to acquire 100% of the equity of Metro Risk Management from Nautilus International Holding Corp., the insurance services firm said in a statement.

Charles Taylor will pay up to $500,000 further as deferred consideration based on performance targets being met in the first three years of ownership, according to the statement.

Metro Risk Management provides state and federal workers compensation claims administration services to self-insured clients and insurers. The acquisition will extend Charles Taylor’s U.S. workers comp claims capabilities and will add 13 workers comp claims specialists to the Charles Taylor team, according to the statement.

Metro Risk Management will continue under its existing name, co-branded as “A Charles Taylor Company,” and will eventually rebrand as Charles Taylor TPA. Charles Taylor currently has nine offices in the U.S., according to a Charles Taylor spokesman.