Webster Financial Corporation (NYSE: WBS) today announced that its principal bank subsidiary Webster Bank, N.A. (“Webster”) has signed a definitive agreement to acquire Ametros Financial Corp (“Ametros”), a custodian and administrator of medical funds from insurance claim settlements, from funds managed by Long Ridge Equity Partners (“Long Ridge”).
Ametros, the nation’s largest professional administrator of medical insurance claim settlements, helps individuals manage their ongoing medical care through its CareGuard service and proprietary technology platform. CareGuard provides settlement advisory support, saves its members money on medical expenses, ensures compliance with government reporting, and facilitates the navigation of the complex US healthcare system.
“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base,” said John Ciulla, President and Chief Executive Officer of Webster Financial Corporation. “Ametros’ market position and value proposition for its clients and partners underpin a robust growth trajectory for this highly complementary business. Ametros builds on Webster’s history of developing non-traditional deposit verticals with a favorable financial profile, including HSA Bank and interLINK.”
The transaction is expected to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions and anti-trust review. Upon the close of the transaction, Ametros will operate as a subsidiary of Webster.
“Webster is the perfect growth partner for our unique business,” says Ametros’ CEO, Porter Leslie. “We are thankful for our clients and members who continue to place their trust in us and are excited for this next phase of growth together.”
