Core Closes Deal With Disability Reinsurance
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Irvine-based Core Inc. said it has completed the acquisition of Disability Reinsurance Management Services Inc. for $20 million in cash, 480,000 common shares and other considerations based on future earnings.
Disability Reinsurance, with 1997 revenues of about $4.7 million, provides marketing, underwriting advice, claims, actuarial and compliance services. Lisa Hansen, James Fallon and Michael Lachance, the company’s three principals, will become senior officers of Core and will continue to manage the day-to-day operations of Disability.
Core’s Nasdaq-listed shares closed at $4.50, down $1.19.
Core said it financed the acquisition through working capital and a revolving credit arrangement with Fleet Bank.
Core, with 1997 revenues of $10.9 million, provides managed disability and health care benefit management services.
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