North American Health Plans completes purchase

North American Health Plans said Thursday it has completed its purchase of the health care division of The Howard E. Nyhart Co. in Indianapolis, bolstering the third-party administrator's Midwest presence.
The Amherst-based provider of third-party health plan management services will combine the Nyhart business with its existing operation in Indiana, creating one of the largest independent third-party administrators in the state. Financial terms were not disclosed.

Founded in 1943, Nyhart provides consulting and administration services for all forms of employee benefit programs. The firm's Indianapolis office will be folded into North American's own offices in that city, while Nyhart's Evansville office will become a new location.

The deal expands North American's presence in a state that CEO Elliot S. Cooperstone called a "very important market for our company."

In a press release announcing the transaction's closing, Cooperstone noted that North American has been building its business in Indiana for the last two years, since its purchase in 2004 of Benefit Systems of Indianapolis, with 40 employees and 60 clients.

Nyhart adds another 70 employees, and $8 million in annual revenues.

This is the latest in a series of more than 10 purchases by North American, which has grown into one of the nation's largest independent third-party administrators since its founding in 1983.