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Third-party claims administrator Tristar Insurance Group Inc. has agreed to acquire Aspen Risk Management Group Inc., the company said in a statement Wednesday.
Terms of the transaction were not disclosed.
Long Beach, California-based Tristar provides TPA services to self-insureds, insurance companies, public entities and risk pools. San Diego-based Aspen provides remote ergonomics, online service platforms and specialty services in the loss control and workplace safety market for both commercial and governmental clients.
All Aspen employees will continue operating out of the existing locations under the name Aspen Risk Management Group, a Tristar company.
The combination of two of the top five third-party administrators portends a trend of continued consolidation in the sector, with competing TPAs needing to examine their own operations and consider future acquisitions, experts say.