Selling Out But Staying On

//December 31, 2005

Around the State – NorthPARSIPPANY New York CityÂs Odyssey Investment Partners is buying York Insurance Services Group for about $105 million. York reportedly generates annual revenue of about $72 million by providing claims and other third-party services on behalf of insurance companies. The Odyssey deal is slated to close during the first quarter of this year. It also includes York CEO Thomas C. MacArthur, who will sell some of his current stock but will retain his position as chairman and CEO. He will also remain the firmÂs largest individual shareholder. Other members of YorkÂs management team will also acquire a stake in the company. Odyssey is a private equity fund with more than $1.2 billion under management.