PMA Capital Corp. in Blue Bell, Pa., has acquired Webster Risk Services, a Connecticut-based provider of third party administration (TPA) services, from Webster Financial Corp.
Under the terms of the transaction, PMA Capital paid $5.9 million in cash for Webster Risk Services, which included certain price adjustments at closing.
Webster Risk Services, which will be renamed PMA Management Corp. of New England, Inc., provides risk management and TPA services to healthcare and public entity customers primarily in the Connecticut and New York markets.
PMA Capital Corp. is a holding company whose operating subsidiaries provide insurance and fee-based services. Insurance products include workers’ compensation and other commercial property and casualty lines of insurance, primarily in the eastern part of the United States, underwritten and marketed under the trade name The PMA Insurance Group. Fee-based services include third party administrator, managing general agent and program administrator services.
Source: PMA Capital Corp.
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