LWCC is acquiring a North Carolina insurance company

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Louisiana Workers’ Compensation Corporation on Wednesday announced that it is acquiring North Carolina-based workers’ compensation insurance company Prescient National.

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Headquartered in Charlotte, Prescient National provides tailored risk management, claims handling and coverage programs to employers across the country.

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Prescient National will become a subsidiary of LWCC but will continue to operate as a separate business in Charlotte.

The financial terms of the deal have not been disclosed. A representative for LWCC tells Daily Report that the deal has received regulatory approval and will close on Dec. 31, and that Prescient National currently has about 60 employees.

AM Best, a national credit rating agency, says both companies’ financial strength ratings of “A (Excellent)” will not change as a result of the acquisition.

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In a statement, LWCC President and CEO Kristin Wall explains why the acquisition makes sense for her company.

“Prescient National has a demonstrated track record of outstanding performance that positions it as an attractive complement to LWCC’s conservative investment strategy,” Wall’s statement reads. “We believe the acquisition will benefit our current and future policyholders.”

LWCC is Louisiana’s largest workers’ compensation insurance carrier. Keefe, Bruyette & Woods Inc. served as financial advisor and Sidley Austin LLP served as legal counsel to LWCC on the transaction.