Buffalo, N.Y., (October 10, 2012) - Nova Healthcare Administrators, Inc. recently reached an agreement with Lawley Benefits Group to purchase its reimbursement account administrative services line of business, which includes 108 clients and approximately 10,000 plan participants. The transaction was completed on October 3.
An affiliate company of Independent Health, Nova is a leading administrator for reimbursement accounts such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). The Williamsville-based company also administers self-funded plans through its center of excellence and offers a full range of medical, dental, and vision plans to local and national clients.
As a result of this acquisition, Nova will now provide reimbursement account administrative services to more than 500 employer groups and 35,000 plan participants locally and across the country.
“This transaction represents an exciting opportunity to grow Nova’s reimbursement account administrative services,” said Laura Smith, President, Nova Healthcare Administrators, Inc. “We are working closely with Lawley to ensure a seamless transition for their clients. We look forward to building strong relationships with these new customers by offering them additional account flexibility and support, as well as exceptional service and expert guidance.”
Headquartered in Buffalo, Lawley Benefits Group has been consistently recognized as one of the top 100 brokers in the U.S. by Business Insurance Magazine. Lawley’s commitment to put a stronger focus on its core business of employee benefits consulting led to the decision to sell this line of business. This change allows Lawley Benefits Group to provide more specialized services in multiple areas of benefits consulting, including financial, compliance and legislative.
“We truly value our FSA and HRA clients and wanted to make sure they would still receive the specialized support and attention they deserve,” said Brian Murphy, Partner, Lawley Benefits Group. “We felt Nova would be a great partner for them because of its local presence, dedication to outstanding customer service, and strength and expertise in developing, implementing and administering reimbursement accounts. Although we will no longer administer reimbursement account services for these clients, we will continue to provide them with top-quality benefit consultation and solutions.”