Cobalt Corp. Acquires CMS, Inc.

January 6, 2003

Cobalt Corporation has acquired Claim Management Services, Inc. (CMS), a third party administrator for self-funded employee benefit plans, based in Green Bay, Wis. from West Bend Mutual Insurance Company.

CMS administers benefit plans for approximately 220,000 members throughout the U.S., offering medical and dental claim administration, medical case management and utilization review; billing and eligibility administration, and other services. It’s headquartered Green Bay and West Bend, Wis.

“The addition of 220,000 members represents an 18 percent growth on our existing 1.2 million membership base. This acquisition demonstrates Cobalt’s commitment to profitable growth in our core businesses,” Stephen Bablitch, Cobalt’s chairman and CEO said. “

CMS president Tom Casper indicated that “The acquisition of CMS by Cobalt Corporation is viewed as very positive by the clients and employees of CMS. As a member of a family of health care companies we will be able to expand our product offerings, which will allow for CMS to grow significantly while still retaining the independence that has made us unique in the self-insured arena.”

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