Rockhill Holding Company Completes Acquisition of RTW, Inc.
18 December 2007 - 4:58AM
Business Wire
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.
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