Madison, Wis. (January 6, 2015) – TASC (Total Administrative Services Corporation), the country’s largest privately-held, third-party employee benefits administrator, is pleased to announce the acquisition of the Consumer-Directed Healthcare (CDH) service offering of the MGIS Companies (MGIS) based in Salt Lake City, Utah.
The MGIS CDH service offering includes Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), Health Savings Account (HSA), and COBRA services. This transaction will not affect the MGIS core insurance product lines (physician group disability, medical-professional liability), and highlights the company’s ongoing strategic focus on physicians nationwide and providing the highest quality insurance products specifically tailored to their needs.
TASC CEO Dan Rashke stated, “The MGIS CDH business line is a great addition to TASC. Their focus on quality and customer service is a perfect fit with our mission to deliver innovative services with right-touch experiences for our distributors, Clients, and Plan Participants.”
Today, with a sales force of 10,000+ combined distributors and regional sales directors and a team of 900+ employees nationwide, TASC generates more than $870 million in revenue and processes over $2 billion in payments annually.
“This acquisition will allow our CDH business to continue to innovate and excel with one of the best companies in the industry, and underscores our long-term strategic focus on specialty insurance products specifically for healthcare professionals,” said Jeff Brunken, CEO, The MGIS Companies.
By joining forces with TASC, MGIS CDH will be able to expand benefits administration services to its Clients. TASC provides a wide range of employee benefits solutions to Clients of all sizes across all 50 states: Flexible Spending Accounts, Health Reimbursement Arrangements, Funded HRAs, Health Savings Accounts, workplace charitable giving, tuition reimbursement, and payroll; COBRA, FMLA, and Retiree continuation services; and compliance services, including ERISA, PCORI, IRS Form 5500 Preparation, and Non-Discrimination Testing.
The MGIS Companies, Inc. helps brokers, practice managers, and other healthcare professionals create effective and targeted malpractice and disability insurance programs for physicians and medical professionals. For 45 years, the company has provided specialized group disability insurance, medical-professional liability insurance, and practice improvement ancillary products and services to more than 10,000 physician groups, 900,000 group members, and 300,000 physicians nationwide. The MGIS group disability policies are backed by Sun Life Financial®, one of the largest and highest-rated insurance companies in North America. The MGIS medical-professional liability insurance policies are backed by Freedom Specialty Insurance Company, a Nationwide® Company, rated A+ (Superior) by A.M. Best. For more information visit our website mgis.com.
For more information, contact:
Bruce Stein, Director of Public Relations and Communications
800-422-4661, ext. 8807