Central Benefits Mutual Insurance Company Acquires California-based Plan Handlers
Columbus, Ohio-based Central Benefits has acquired Escondido, California-based The Plan Handlers, Inc.
Columbus, OH (PRWEB) April 10, 2004
Central Benefits, a leading national insurer and benefits administrator, announced today the acquisition of The Plan Handlers, Inc.; the premier employee benefits administrator in the southwestern United States. The Plan Handlers is headquartered thirty miles north of San Diego in Escondido, California. Terms of the acquisition were not disclosed.
With revenues in 2003 of $4.7 million, The Plan Handlers provides benefits administration services for approximately 66,000 employees. Established in 1993 with 2 clients and 5 employees, the company has evolved and grown over the years to its current level of 50 clients and 80 employees.
"Partnering with Central Benefits will fuel The Plan Handlers’ continued business growth," stated Denyce L. Cooper, President of The Plan Handlers. "This partnership provides the funding, technology, and business relationships which are needed to improve the quality of The Plan Handlers’ products and the efficiency in which we deliver our products to the customer.”
John B. Reinhardt, Chairman and CEO of Central Benefits said, "The Plan Handlers is an established leader in the Southwest that has shown steady growth due to excellent customer service, proven product and service offerings, and a diversified client base. We welcome The Plan Handlers entire team as part of the growing family of Central Benefits' companies."
The Plan Handlers, Inc. is Central BenefitsÂ’ 2nd acquisition in less than two years. Central Benefits purchased HealthSCOPE Benefits of Little Rock, Arkansas in August of 2002.
“This acquisition is a continuation of our corporate strategy, which is to roll new business onto our centralized, industry-leading, claims processing technology platform.” Reinhardt added. “The result will be greater efficiencies, which means continued cost savings for our customers.”
Founded in 1938, Columbus-based Central Benefits Mutual Insurance Company is one of the most technologically sophisticated administrators in America. With approximately $51 million in revenue for 2003, Central Benefits is projecting 2004 revenues to be in excess of $55 million. In addition, Central Benefits is one of the ten largest third party administrators in the country with over $34 million in TPA revenue for 2003 and projected 2004 TPA revenues of $39 million. Central Benefits provides comprehensive group benefits administration services and group life insurance coverage, as well as individual Medicare supplement insurance products. Central Benefits, through its subsidiaries, is licensed in all 50 states and the District of Columbia and is rated VERY GOOD by A. M. Best. For more information, visit www. centralbenefits. com.
CONTACT: Jim Morrison
Director of Corporate Communications
(614) 797-5135
Jmorrison@cenben. com
