TRISTAR Insurance Group, an American third-party claims administrator (TPA), has signed a deal to acquire Risico Claim Management and Risico Total Managed Care’s self-insured book of business.

The financial terms of the deal were not revealed.

Founded in 1999, Risico Claim Management primarily caters to public agencies and food processors. Its Fresno-based team is said to provide years of experience serving employers across California.

Steven C. Wigh — Chief Operating Officer of Risico Claims Management said: “We are very pleased to join the TRISTAR family.

“This move offers our employees and self-insured customers access to the resources that a well-established national TPA can provide. We look forward to adding to TRISTAR’s already significant presence in Fresno and the greater San Joaquin Valley.”

TRISTAR Insurance Group said that the acquisition is a strategic move aimed at further bolstering its presence in California’s Central Valley.

Tom Veale — President of TRISTAR Insurance Group said: “We are excited to have the Risico and Total Managed Care teams join the TRISTAR organization. They have built a strong reputation in the public agency and food processing industries and add significantly to our bench strength.”

The deal is anticipated to close effective 1 February 2022.

  Insurance acquisition news, Insurance industry news, Risico Claim Management, Risico Total Managed Care, Steven C. Wigh, Tom Veale, TRISTAR Insurance Group, USA