PMA Capital has completed its acquisition of Webster Risk Services, a provider of third-party administration services, from Webster Financial.
Webster Risk Services will be renamed as PMA Management Corporation of New England. 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.
Vincent Donnelly, president and CEO of PMA Capital, said: The acquisition of PMA Management Corporation of New England is a natural extension of our fee-based business segment, and expands the geographic reach of our expertise in providing TPA and risk services.
We expect to be able to quickly enhance the product and service offerings at PMA Management Corporation of New England, and believe that, working with the group’s existing management team and experienced staff, we will continue to grow our market presence in this important territory.
Alan Mathog, president of Webster Risk Services, added: Our team is excited to become part of the PMA Capital family, and we believe that PMA Capital’s expertise in specialized risk management solutions and services to customers throughout the US will help us grow our business and enhance our ability to deliver excellent service to all of our customers.