Rtw (NASDAQ:RTWI)
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Rockhill Holding Company (“Rockhill”)
and RTW, Inc. (“RTW”)
(Nasdaq:RTWI), a leading provider of products and services to manage
insured and self-insured workers' compensation, disability and absence
programs, announced today that they have completed the merger under
which Rockhill acquired RTW as part of a reverse triangular merger. RTW
will continue to operate as a separate wholly-owned subsidiary of
Rockhill.
“We are very excited about joining Rockhill
and are very pleased with the value we provided to our shareholders in
this transaction,” said Jeffrey B. Murphy,
President and CEO of RTW. “Thank you to each
of the employees of RTW for the years of great work and accomplishments
as an independent company. We are well-positioned with our strong
operating insurance companies in American Compensation Insurance Company
(“ACIC”) and
Bloomington Compensation Insurance Company (“BCIC”)
and our service business through RTW’s
Absentia® division.
We look forward to continuing to thrive and prosper as a subsidiary of
Rockhill and are excited by the additional insurance expertise and
access to capital that Rockhill brings to us. RTW is well-positioned to
serve its customers now and well into the future and is focused on
continuing to transform people from absent or idle to present and
productive.”
“We have been looking forward to this day for
a long time and are pleased to have RTW as an operating company of
Rockhill,” said Terry Younghanz, President
and CEO of Rockhill. “RTW helps to diversify
our existing operations and mirrors our strategy of focus on specialty
business. RTW comes to us with similar operating philosophies and
cultural beliefs and is led by an exceptional executive management team
who has positioned the company very well for the future. We are excited
about the value RTW will bring to Rockhill and are pleased to be able to
bring capacity and capability to RTW as it continues to grow its workers’
compensation insurance and service platforms into the future.”
Advisors
Keefe, Bruyette and Woods, Inc. acted as financial advisor and Lindquist
& Vennum PLLP acted as legal counsel for RTW in this transaction.
Lathrop & Gage L.C. acted as legal counsel to Rockhill in the
transaction.
About Rockhill Holding Company
Rockhill Holding Company is a Kansas City based insurance holding
company writing specialty property and casualty business through its two
insurance company subsidiaries, Rockhill Insurance Company and Plaza
Insurance Company.
About RTW
RTW, Inc., based in Minneapolis, Minnesota, is a leading provider of
products and services to manage insured and self-insured workers'
compensation, disability and absence programs. RTW provides these
services, primarily directed at workers’
compensation to: (i) employers insured through its wholly-owned
insurance subsidiaries, ACIC and BCIC; (ii) self-insured employers on a
fee-for-service basis; (iii) state assigned risk plans on a percent of
premium basis; (iv) other insurance companies; and (v) agents and
employers on a consulting basis, charging hourly fees. RTW developed two
proprietary systems to manage disability and absence: (i) ID15®,
designed to quickly identify those injured employees who are likely to
become inappropriately dependent on disability system benefits,
including workers’ compensation; and (ii) RTW
Solution®, designed
to lower employers’ disability costs and
improve productivity by returning injured employees to work as soon as
safely possible. RTW supports these proprietary management systems with
state-of-the-art technology and talented people dedicated to its vision
of transforming people from absent or idle to present and productive.
ACIC writes workers’ compensation insurance
for employers primarily in Minnesota, Colorado and Michigan, but is
growing in new markets including Florida, Texas, Kansas, Connecticut,
North Carolina and Iowa. BCIC offers workers’
compensation insurance to selected employers in Minnesota, Michigan and
Colorado. In addition, through its Absentia®
division, RTW has expanded and provides non-insurance products and
service offerings nationally. RTW’s services
are effective across many industries. RTW, Inc. is traded on the Nasdaq
Global Market under the symbol RTWI. For more information on RTW, Inc.,
please visit www.rtwi.com.