CareWorks shared a July 8th press release announcing that Sedgwick, the parent company of CompManagement and CompManagement Health Systems, will acquire York – including subsidiaries CareWorks Comp and CareWorks of Ohio.
The acquisition will be finalized later this year when the transaction is complete, following regulatory approvals. At this time, there is no expectation of merging CareWorks Comp and CompManagement and both companies will remain separate.
CareWorks Comp will continue to deliver best-in-class claims management members, proven cost containment strategies, competitive refund programs, safety best practices and other services through the dedication of their talented associates in Washington and Ohio.
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has signed an agreement to acquire York Risk Services Group. Following the close of the transaction, the Sedgwick family will comprise nearly 27,000 colleagues.
York is a premier provider of claims administration, managed care, specialized loss adjusting, pool administration and loss control solutions. It serves a variety of clients, including corporations, the insurance industry and public entities. The company has nearly 5,000 employees in more than 60 offices across the U.S. and a strong international presence.
York offers customized claims solutions and has specialized experience to handle even the most complex claims across all liability lines. Their offerings notably complement Sedgwick’s existing market capabilities.
“Today’s news marks another exciting milestone in our storied 50-year history of growth,” said Sedgwick president and CEO Dave North, referencing the company celebrating its golden anniversary in 2019. “The strategic acquisition of York enhances Sedgwick’s status as a global industry leader.”
“Joining forces with Sedgwick will provide enhanced capabilities for York’s clients and new opportunities for our associates,” said Thomas Warsop, chairman and CEO of York. “It’s great news for all.”