Illinois-based Arthur J. Gallagher & Co. announced the sale of Gallagher Benefit Administrators Inc. and Northshore International Insurance Services. Terms of the transactions were not disclosed.
GBA, a third party employee benefit claim payment administrator, was sold to The Parker Group Inc. of Lubbock, Texas. The Parker Group will be responsible for supporting all current GBA clients and will continue to manage customer support from GBA’s existing corporate office in Lisle, Ill.
NiiS, primarily a provider of medical claims management and auditing
services, was sold to the NiiS management group. NiiS was part of NiiS/APEX Group Holdings that Gallagher acquired in 2002. APEX is not part of this transaction and will remain an operation of Gallagher Benefit Services Inc.
As a result of these dispositions, a non-recurring net loss of less than
$.01 of diluted earnings per share will be reported in the first quarter 2005.
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