GENEX Holdings Inc. has agreed to acquire disability and workers’ compensation case management operations from a unit of CIGNA Corp.
GENEX, Wayne, Pa., will be acquiring the operations from International Rehabilitation Associates Inc., or Intracorp., a subsidiary of CIGNA, Philadelphia (NYSE:CI).
The companies are not saying how much GENEX will pay for the Intracorp operations, but they say that GENEX will use GENEX stock to pay for the deal, and that CIGNA will become a GENEX minority partner.
Unum Group Corp., Chattanooga, Tenn., sold GENEX to an investment fund limited partnership in 2007.
The combined GENEX and Intracorp case management business will be managed by Peter Madeja, who is now chief executive of GENEX, the companies say.
The companies hope to close on the deal in the next several weeks.
After the deal is completed, CIGNA will offer the health management and wellness programs it now provides through Intracorp under the CareAllies brand name.
The deal will have no affect on CIGNA group disability insurance programs, CIGNA says.
- Allison Bell