Marsh Buying Corparate Systems Inc.
NU Online News Service, April 27, 12:38 a.m. EDT?Marsh Inc. said it plans to acquire Corporate Systems Inc., based in Amarillo, Texas, a claims management and reporting technology firm.[@@]
Terms were not announced.
The New York City-based insurance broker said the transaction is subject to the negotiation and execution of a definitive agreement, the approval of Corporate Systems' shareholders and other customary conditions.
Established in 1967, Corporate Systems provides property-casualty claims management software and related services for insurers, third-party administrators, corporations, and government entities. According to the company's Web site, it employs more than 550 employees.
Robert G. Petrie, a managing director of Marsh Inc., said the transaction would merge "two organizations with complementary strengths in the area of risk technology."
Mr. Petrie said, "Clients using Marsh's STARS software product and services will gain access to leading bill review capabilities, while the addition of risk management information capabilities from Marsh widens the offerings available to clients of Corporate Systems.
"The combined organization also will offer extensive claims administration capabilities for insurance companies, third-party administrators, corporations and government entities," he said.
Johnny Mize, president and chief executive officer of Corporate Systems, called the transaction a "win-win for clients of both firms. We look forward to offering clients the most complete array of technology-based claims administration solutions and related services in the industry."
The combined entity will operate under the CS STARS name.
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