Business editor
LWCC has reached a deal to acquire a North Carolina-based worker’s compensation company, a move that will diversify its investment portfolio.
Prescient National will operate independently as a subsidiary of Baton Rouge-based LWCC once the acquisition closes at the end of the year. The purchase has received regulatory approval. Financial terms were not disclosed.
Kristin W. Wall, LWCC president and CEO, said while Prescient is relatively small – it has about $40 million in annual premiums compared to $225 million for LWCC – the business has a few hundred very large policyholders. It is licensed to operate in all 50 states, unlike LWCC, which solely operates in Louisiana.
“They’re a nice company that is well-performing,” Wall said.
The deal will strengthen LWCC’s investment portfolio, which will give the company more money to support injured workers. And it will give Prescient National resources to grow further, she said.
The acquisition is not expected to have a significant impact on LWCC’s employment. Prescient National will keep its headquarters in Charlotte, North Carolina, with the company’s leadership in charge. The hope is all of the current employees stay with Prescient National, Wall said.
LWCC will hire someone to manage Prescient National’s investment portfolio, because the company outsources the duty.
Email Timothy Boone at tboone@theadvocate.com.
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