Two Texas Nonsubscriber occupational injury benefit program leaders join forces as CPro Associates, Inc., acquires Accident Insurance Services, Inc.
Online PR News – 22-September-2016 – Dallas, TX – CPro Associates, Inc., a leader in Texas Nonsubscriber occupational injury benefit plans, has purchased Accident Insurance Services, Inc., also of Dallas. The stock purchase transaction becomes effective Oct. 1.
The transaction brings together two of the leading corporate names in Texas Nonsubscriber plans. Alan Hardin, CEO and founding partner of CPro Associates, said the aggregate premiums will be greater than $35 million.
“Accident Insurance Services (AIS) has been an industry leader since Texas nonsubscriber plans emerged as a preferred option for Texas employers in the late 1980s,” Hardin, a pioneer of Texas nonsubscriber plans, said. “The AIS name is well known and highly respected throughout the state. We couldn’t be more pleased to join forces with this industry leader.”
At present, the two companies will continue to operate under their own names, although the majority of the AIS book of business will be moved to the "CPro Texas Option" plan. That plan is insured by Nationwide®.
Heather Schenker, Associate Vice President of Nationwide’s E&S/Specialty brokerage programs area, said, “We at Nationwide have made a significant commitment to the Texas marketplace and the nonsubscriber line of business. We see this acquisition as a welcome addition to the anticipated growth of our Texas Nonsubscription business.”
Nonsubscriber plans became popular in Texas in the late 1980s, when fast-rising workers’ compensation costs rose precipitously. Alan Hardin was among the first to refine the plans and make them viable, attractive options for Texas employers that wanted to provide first-rate occupational injury benefit programs, but also have better cost control.
About one-third of all Texas employers have nonsubscriber plans, including familiar names such as WalMart , Home Depot, Baylor, Hermann Hospitals, Neiman Marcus, Macy’s, Sonic, McDonald’s and many more. Nonsubscriber plans often offer cost savings of 25 percent or more, compared to workers’ compensation plans.
The CPro Texas Option product represents the state of the art in Texas nonsubscriber plans for non-hazardous employers who are focused on employee safety, reduced expenses and excellent employee benefits. It provides options not generally available within the workers’ compensation system, including disability benefits up to 90 percent, compared to 70-75 percent for workers’ compensation, and weekly benefits up to $1,000, compared to $861 for workers’ compensation.
CPro President Michael Hardin said CPro will continue to innovate and further refine its Texas nonsubscriber offerings. “We are confident the acquisition of AIS and its outstanding staff puts us in position to do that even better.”
About CPRO Associates
CPro Associates, Inc., is a general agency serving commercial insurance agencies nationwide with access to superior products and markets for workers’ compensation and Texas nonsubscriber plans. CPro provides personal service, quick quotes, fast policy issuance, and the highest commissions in the industry. For more about CPro please visit www.cproassociates.com.