A division of Independent Health Association has acquired Lawley Benefits Group’s health reimbursement account business, adding 108 clients and 10,000 plan participants.
Nova Healthcare Administrators, a unit of Williamsville-based Independent Health, completed its purchase of the Lawley division Oct. 3. Financial terms were not disclosed.
With the purchase, Nova will administer accounts for more than 500 employer groups and 35,000 participants locally and nationwide.
“This transaction represents an exciting opportunity to grow Nova’s reimbursement account administrative services,” Laura Smith, Nova president, said in a news release Wednesday. “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.”
Nova is a leading administrator for flexible spending accounts, or FSAs; health reimbursement arrangements, or HRAs; and other such medical spending accounts. It also administers self-funded plans and offers a range of medical, dental and vision insurance plans to local and national clients.
The 30-year-old, third-party administration firm was part of First Niagara Financial Group from 1999 until it was sold to Independent Health in February 2003. Independent sold it to Ronald Zoeller’s Azeros Health Plans in July 2009, only to buy it back a year later.
Lawley Benefits, part of Buffalo-based Lawley Insurance Group, is one of the area’s largest employee-benefits providers and one of the nation’s 100 largest. The firm decided to sell the business to concentrate on its core business and provide more specialized financial, compliance and legislative services in benefits consulting.
“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 Lawley Benefits Partner Brian Murphy in the release. “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.”