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HealthPlan Sells Comp Unit

Sunday, September 17, 2000 | 103 | 0 | min read

According to A.M. Best, HealthPlan Services Corp. sold its Ohio workers' compensation managed-care organization to Cincinnati-based Sheakley UniComp Inc. for about $3.7 million in cash. HealthPlan anticipates a pretax gain of $3.5 million in the third quarter due to the sale. HealthPlan acquired the workers' compensation organization when it bought Columbus, Ohio-based Harrington Services Corp. in 1996. HealthPlan had earlier said it was selling its unemployment compensation and workers' comp units to Sheakley for $19.6 million and was planning to use the net cash proceeds to reduce...

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