TRISTAR Insurance Group, Inc. (TRISTAR), the largest privately owned, independent third party claims administrator in the United States, has agreed to acquire Aspen Risk Management Group (Aspen). The transaction is expected to close effective January 15, 2020.
This acquisition is a significant step forward in establishing a strategic presence in the loss control and workplace safety market. In addition to its risk control services, Aspen provides remote ergonomics, online service platforms, and specialty services for both commercial and government clients.
Commenting on the acquisition, Steve Thompson CEO of Aspen stated: "For the past 15 years our team has worked hard to become exceptional at risk control and workplace safety. Joining TRISTAR gives us the chance to carry our primary purpose of saving lives, preventing injuries & illnesses, and protecting our clients from harm all across America!"
Tom Veale, President of TRISTAR stated: "Aspen’s reputation and extensive experience in both the insurance and self-insurance space are a natural addition to the TRISTAR family. They are differentiators in the industry and we look forward to introducing them to our clients and partner network."
All Aspen employees will continue operating out of the existing locations under the name Aspen Risk Management Group, a TRISTAR Company.
Terms of the transaction were not disclosed.
About TRISTAR (www.tristarrisk.com)
TRISTAR is the largest privately owned, independent third party claims administrator in the United States. Founded in 1987, TRISTAR provides excellent claims and risk management services to a variety of clients including self-insureds, insurance carriers, program underwriters, public entities and risk pools. With corporate offices in Long Beach, CA, TRISTAR has 800 plus employees located in 32 offices serving all 50 states.
About Aspen Risk Management Group (www.aspenrmg.com)
Founded in 2005, Aspen provides loss control and safety services to America’s premier insurance carriers, captives, and brokers. It provides direct consulting and training to companies, non-profits, and government agencies.
TRISTAR: Joe McLaughlin
Aspen Risk Management Group: Steve Thompson