Centris Group Buys 2 Companies
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Centris Group Inc., moving to strengthen its position in the medical stop-loss insurance industry, said Friday it agreed to buy two companies from Seaboard North American Holdings Inc.
The acquisition of VASA North America Inc. and Seaboard Life Insurance Co. should increase Centris’ revenue from its medical insurance lines by 15% to 20%, the company said. Medical stop-loss insurance protects companies from unusually large medical claims filed by employees.
Costa Mesa-based Centris said the purchase price will be about the book value of the companies at the time the transaction is completed. As part of the transaction, Centris will acquire VASA Brougher Inc., a VASA unit that Centris said is the fifth-largest seller of medical stop-loss insurance in terms of annual premiums.
Centris said its USBenefits unit is the leading provider of medical stop-loss insurance in the U.S.
Seaboard Life Insurance Co. is an insurer licensed in 41 states and the District of Columbia. Seaboard North American Holdings is a Canadian company owned by Eureko BV of the Netherlands.
Centris shares fell 6 cents to close at $10.44.
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