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PRESS RELEASE (11/30/07) Source: Risk Enterprise Management Limited
REM spins off from Zurich in Private Transaction Sponsored by Fund Management Group
Cranbury, N.J., November 30, 2007 – Risk Enterprise Management Limited (REM), a national provider of property and casualty third-party administration (TPA) services, announced today that it has spun off from Zurich Financial Services Group (Zurich) in a transaction sponsored by Fund Management Group (FMG). Private shareholders, working with REM management, have acquired all of REM’s outstanding stock, and REM continues as an independent company led by its current management.
Gordon G. Pratt, Managing Director of FMG, will become Chairman of REM. Mike Riney will continue as President and CEO, and will also serve as a director.
“We have been looking to support the right TPA firm for some time—one that handles national accounts and controls its customer loss costs while providing superior information tools and delivering the tailored and responsive customer service those clients deserve,” said Pratt. “REM demonstrates commitment to growth and leadership in the TPA marketplace, and we are proud to be in business together.”
“REM has enjoyed terrific development under Zurich since formation in 1995, and we look forward to continuing our relationship with Zurich as an independent service provider”, said Riney. “We are thrilled to be associated with Fund Management Group and excited about REM’s future. Our customers, employees, and broker partners will all enjoy the benefits of this investment in growing and strengthening our company.”
Headquartered in Cranbury, N.J., REM (www.remltd.com) provides countrywide claims, managed care and risk management TPA services to businesses, insurers, reinsurers and brokers in the United States. Known for controlling its customers’ loss costs by aggressively managing leakage through professional best practices, the company also provides customers with user-friendly, web-based information tools along with extraordinarily responsive, tailored customer service. In addition to its offices throughout the U.S., REM provides services to its global customers through a strategic alliance with London-headquartered Claims Management Group Limited (CMGL).
Fund Management Group specializes in managing investments in and providing advice to insurance related businesses. FMG (i) manages Distribution Partners Investment Capital, L.P., a private equity fund founded in 1999, (ii) makes direct private equity investments, and (iii) manages FMG Acquisition Corp. (OTC: FMGQ), a publicly-traded “special purpose acquisition company.” FMG and its predecessors have completed dozens of transactions, including investments in Bertholon-Rowland Corp., Distinguished Programs Holdings, Kibble & Prentice Holdings Company, and Tri-City Holdings, Inc. FMG invests directly and on behalf of partners in transactions ranging from $5 million to more than $100 million in value.
Contact:
REM
Mike Riney
(609) 495-0016
michael.riney@remltd.com
Fund Management Group
Gordon Pratt
(860) 677-1576
gpratt@fundmanagementgroup.com
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