Webster Bank to Buy Insurance Settlement Funds Administrator

Stamford, Connecticut-based Webster Bank has agreed to acquire Ametros Financial Corp., a Wilmington, Massachusetts-based custodian and administrator of medical funds from insurance claim settlements.

The bank is acquiring the firm from funds managed by Long Ridge Equity Partners. Terms were not disclosed.

Ametros provides post-settlement medical administration for those receiving funds from workers’ compensation and liability settlements though a technology platform, CareGuard. CareGuard provides settlement advisory support, discounts on medical expenses, and compliance with government reporting.

“This acquisition closely aligns with our strategic focus on building a diverse and unique funding base,” said John Ciulla, president and chief executive officer of Webster Financial Corp., the bank’s parent.

The transaction is expected to close in the first quarter of 2024. Ametros will operate as a subsidiary of Webster.

Webster Bank serves the Northeast from New York to Massachusetts and has more than $70 billion in assets. Its HSA Bank division provides employee benefits products.