Webster Bank to Buy Insurance Settlement Funds Administrator

Stamford, Connecticut-based mostly Webster Bank has agreed to obtain Ametros Money Corp., a Wilmington, Massachusetts-based mostly custodian and administrator of health-related funds from insurance policy declare settlements.

The financial institution is obtaining the agency from resources managed by Prolonged Ridge Equity Companions. Conditions were not disclosed.

Ametros presents article-settlement clinical administration for those people acquiring cash from workers’ compensation and liability settlements however a technological know-how system, CareGuard. CareGuard offers settlement advisory guidance, discount rates on health-related charges, and compliance with government reporting.

“This acquisition intently aligns with our strategic focus on creating a numerous and one of a kind funding base,” claimed John Ciulla, president and main executive officer of Webster Economical Corp., the bank’s mother or father.

The transaction is predicted to near in the to start with quarter of 2024. Ametros will operate as a subsidiary of Webster.

Webster Financial institution serves the Northeast from New York to Massachusetts and has more than $70 billion in property. Its HSA Bank division provides worker advantages goods.

Mergers & Acquisitions

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