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December 15, 2023

Webster Financial to pay $350M to buy insurance claim settlement administrator

HBJ PHOTO | ANDREW LARSON Webster Bank's office at 145 Bank St., Waterbury.
By Andrew Larson

Webster Financial Corp. announced Friday that it had signed a definitive agreement to acquire for $350 million a company that administers medical funds from insurance claim settlements.

Webster Financial, the Stamford-based parent company of Webster Bank, will acquire Ametros Financial Corp. from Long Ridge Equity Partners.

Ametros, based in Wilmington, Massachusetts, is the nation’s largest professional administrator of medical insurance claim settlements, according to the announcement. It administers funds to thousands of members receiving workers’ compensation and liability settlements.

“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base," said John Ciulla, Webster’s president and CEO. "Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business.”

The transaction is expected to close in the first quarter of 2024. Following the transaction, Ametros will operate as a subsidiary of Webster.

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