A northeastern-based mutual insurer has acquired a provider of absence management services.
The Guardian Life Insurance Company of America, New York, announced that it has acquired Westminster, Colorado-based Reed Group. The absence management services provider help employers comply with federal and state regulation and help employees return to work.
Guardian indicated in a press statement that Reed Group will operate as an independent, wholly owned subsidiary of Guardian, retain its name and continue to serve existing customers. Terms of the transaction were not disclosed.
Cain Brothers & Company, LLC served as exclusive financial advisor to Reed Group on the transaction. DLA Piper served as legal counsel to Reed Group.
This acquisition expands Guardian’s disability and absence management portfolio. Reed Group helps customers reduce the cost, compliance risk and complexity of employee absences. The company’s products and services address FMLA, ADA, state leaves, company leave plans, and short- and long-term disability programs.
Guardian states that Reed Group will continue to operate, and invest in, its current three divisions: Reed Group Services to help manage and administer claims and absences; LeavePro, a software solution that helps employers manage absences; and MDGuidelines, a web-based return-to-work toolkit.