REGINA and TORONTO, Sept. 24 /CNW/ - Co-operators Life Insurance Company
and NexgenRx are pleased to announce that they have entered into a five-year
agreement effective immediately. NexgenRx will provide Co-operators Life with
the use of their state of the art Pharmacy Benefit Management and Health and
Dental Claims Adjudication Services. In addition, Co-operators Life and
NexgenRx are in the process of negotiating a strategic investment for
Co-operators Life to participate in NexgenRx's next round of financing.
Co-operators Life Insurance Company currently provides Health and Dental
coverage and adjudication services to over 70,000 plan members plus their
dependents. Co-operators Life will offer this service to new customers and
begin conversion of its existing business in early 2008. Revenues from
transactions are expected to be realized by NexgenRx beginning in the first
quarter of 2008.
NexgenRx provides leading-edge solutions for the delivery of extended
health and dental adjudication services from a single platform.
"We are delighted to be moving forward with NexgenRx. Under the
leadership of an experienced management team, they have built a rules-based
adjudication service and full web-based capabilities. This will provide us
with the flexibility and scale that will allow us to significantly grow our
group benefits area and meet the needs of our member owners and valued
clients," stated Janice Wallace, Vice President, Group Benefits, Co-operators
"The Co-operators is a strong partner, with a solid reputation as one of
Canada's most respected insurers," commented NexgenRx President & CEO, Ron
Loucks. "Combining our flexible, cost-competitive technology with the brand
awareness and national distribution capabilities of Co-operators Life, we feel
confident in our ability to exceed the expectations of plan sponsors in the
group benefits market."
About Co-operators Life Insurance Company:
Co-operators Life Insurance Company is a wholly owned subsidiary of
The Co-operators Group Ltd., the leading Canadian-owned multi-product
insurance company. Co-operators Life provides group life, disability, extended
health and dental benefits to over 300,000 plan members across Canada, and has
been an underwriter of group insurance plans for more than fifty years.
About NexgenRx Inc.:
NexgenRx is a growing health benefits management company engaged in the
design, management and administration of health benefit plans offered by
employers and other plan sponsors for the benefit of their employees and plan
members. More information on NexgenRx can be found at www.nexgenrx.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Leonard Sharman, The Co-operators,
1-877-795-7272 ext. 2707; Ronald C. Loucks, NexgenRx Inc, President and CEO,
Phone: (416) 695-3393 ext. 801, Fax: (647) 722-2920; Jeff Dawley, NexgenRx
Inc, VP Finance, CFO and Corporate Secretary, Phone: (416) 695-3393 ext. 803,
Fax: (647) 722-2921