Avizent Acquires Nationwide Risk Management Provider F.A. Richard and Associates
Acquisition broadens service offering and expands nationwide coverage
COLUMBUS, Ohio, May 24, 2011 /PRNewswire/ -- Avizent, a national claims and risk management service provider, announced today the acquisition of F.A. Richard and Associates (FARA), a nationwide provider of claims administration and risk management solutions based in Mandeville, Louisiana.
With this acquisition, Avizent will become the third largest independently owned TPA in the industry. The company expands its footprint in the west, and significantly increases operational scale in the southeast and northeast, where both companies have extensive resources.
FARA provides workers' compensation and liability claims management services through its leading edge, web-based technology. Additional FARA services that will further expand Avizent's product suite include owned loss control, premium audit and risk control programs; as well as in-house surveillance and investigative solutions.
"FARA brings expertise that complements Avizent's current product line and further establishes us as a market leader," noted Thomas W. Watson, President and Chief Executive Officer at Avizent. "We believe in taking a consultative approach to serving clients and maintaining a sharp focus on quality, and we are thrilled to offer an even greater array of services and expertise to our clients."
"We are pleased to be joining such a well-respected and innovative company," commented M. Todd Richard, President and Chief Executive Officer at FARA. "I am particularly excited about our common vision and natural strategic alignment. Avizent's business model and dedication to service excellence is a perfect match."
Avizent, based in Columbus, Ohio, is one of the most innovative claims and risk management service providers in the United States. They offer client-defined solutions in claims management, managed care, and alternative risk / captive programs. The company has over 40 locations nationwide. For additional information, visit the Avizent website at www.avizentrisk.com or call 888-646-9675.
About F.A. Richard and Associates, Inc.
Founded in 1978 and headquartered in Mandeville, Louisiana, F.A. Richard is a nationwide insurance services provider of risk management and claims administration solutions for insurance companies, self-insured corporations and government entities. For more information, please see the FARA website at www.fara.com.
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