TriPlus Services caters to its long term care carrier clients with claims, policy administration management solutions, and other services
British insurance firm Davies Group has acquired TriPlus Services, a US-based third party administrator (TPA) of long term care insurance.
The financial terms of the deal were not revealed by the parties.
Based in Massachusetts, TriPlus Services offers claims, policy administration management solutions, and also actuarial and claims consulting to its long term care carrier clients.
The insurance third party administrator will be absorbed into Davies’ claims solutions business in the US.
TriPlus Services expands Davies’ claims and administration offering
The acquired company will enable Davies in broadening its claims and administration offering with the addition of long term care.
Davies Group CEO Dan Saulter said: “TriPlus has an excellent reputation and their client service focused culture is closely aligned with ours.
“Extending and growing our operations in the US is a core part of our strategy; and we plan to continue developing our capabilities in the US both in our claims areas, but also more widely across our other core competencies.”
TriPlus Services’ CEO Peter Lucas will continue to head the business. Lucas will report to Davies’ US claims solutions CEO Matt Button.
The company’s more than 200 employees will be retained in their roles at the Davies unit.
Peter Lucas said: “The leadership team and I are delighted to be joining forces with Davies and to be part of their ambitious growth plans in the US. We look forward to working together to continue to deliver for our clients, and being able to offer a deeper range of specialist skills to Davies wider client base.”
Davies’ first major deal in the US was in September 2019 through the acquisition of Frontier Adjusters, a multi-line independent claims adjusting provider. The following month, it acquired Alternative Service Concepts, a third party administrator of workers’ compensation and property and casualty.
TriPlus Services marks the fifth acquisition for the British insurance firm this year.
Earlier this month, Davies Group purchased ContactPartners, a UK-based specialist cloud application provider that offers bespoken customer contact technologies to the insurance, banking and larger financial services markets.