PRM Insurance Services Merges Business and Operations into Newly Formed Phoenix Risk Management, a Wholly Owned Subsidiary of Intercare Specialty Risk Insurance
Phoenix Risk Management Services, a wholly owned subsidiary of Intercare Specialty Risk Insurance Services, Inc., now manages the business and operations formerly adminstrated by PRM Insurance Services, Inc.
- Sacramento, CA (1888PressRelease) March 03, 2011 - Intercare Specialty Risk Insurance Services, Inc. and PRM Insurance Services, Inc. are proud to announce the contractual agreement for our companies to work together under the management of newly formed Phoenix Risk Management Insurance Services. The objective, mutually agreed by the principals of both Intercare and PRM, is a consolidation of all programs, contracts, and personnel of the two companies into Phoenix Risk Management Insurance Services which will be wholly owned by Intercare Specialty Risk Insurance Services.
"Together, we are bringing over 35 years of combined Workers' Compensation experience to underwriting, marketing, claims management, loss control and program development to our carrier partners," said Kevin Hamm, Chairman and Chief Executive Officer of Phoenix Risk Management. "This merger will be a positive move to position Phoenix Risk Management as the premiere Managing General Agency (MGA) in the state of California."
After 17 years of dedicated service to PRM, Chief Executive Officer Gene Marsh has retired. ISRIS CEO Kevin Hamm will lead the combined company as Chairman and CEO. We are also pleased to announce that Renee Leslie Iaia, Executive Vice President of ISRIS, has been promoted to the role of President of Phoenix Risk Management.
The programs formerly administrated by PRM have been combined with those of Intercare Specialty Risk, but the underwriting staff and employees with whom brokers have been working with will remain the same under Phoenix Risk Management.
With combined in-force premium in excess of $85 million, this arrangement represents a compelling opportunity for ISRIS' and PRM's customers, partners and employees to benefit from the emerging stronger company. The combined expertise of PRM and ISRIS allows for significant operational synergies and strengthens the company's ability to achieve long-term growth and profitability.
About Intercare Specialty Risk Insurance Services
Intercare Specialty Risk Insurance Services (ISRIS) is a full service wholesale insurance brokerage operation specializing in Workers' Compensation. Founded in 1988 and based in Rocklin, California, ISRIS employs a combination of highly skilled and experienced underwriters, marketing specialists, and executives who pride themselves in creating a program that fits the customer's needs.
About PRM Insurance Services
PRM Insurance Services is a Wholesale Insurance Broker, Managing General Agent, Program Manager, and Managing General Underwriter, which offers niche market specialty insurance products and risk management tools to appointed retail brokers.
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