Business & Finance

Insurance company announces sale of subsidiaries for $16 million

Published in Hospital Business Week, January 8th, 2006

Selective Insurance Group, Inc. (SIGI), announced the sale of its subsidiaries comprising its managed care operation, CHN Solutions, to Consolidated Services Group, Inc. (CSG), which provides managed care and medical consulting services.

The sale was for $16 million and will result in an after-tax loss of approximately $2.5 million in the fourth quarter of 2005.

Selective purchased the managed care operation to reduce the company's loss costs and deliver fee-based income as part of its diversification strategy.

Selective Insurance Group, Inc., headquartered in Branchville, New Jersey, is a holding company for six property and...

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Source: Hospital Business Week (2006-01-08)

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