Brown & Brown acquires assets of PBM Tricast

Insurance broker Brown & Brown has acquired Tricast, a specialist provider of pharmacy benefit management (PBM) consulting and services to customers throughout the US.

The acquired assets of Tricast Holdings include Tricast, PRx Advisors, and d/b/a PSRx Advisors. The company has annual revenues of approximately $2.5 million, and its services include pricing audits, rebate audits, prescription drug event audits, rejected claims analysis, Medicare eligibility audits, request for proposal (RFP) services for PBM selection, and contract renegotiation services.

Following the deal, the Tricast team will continue doing business from its existing Milwaukee, Wisconsin office, but will operate as part of Brown & Brown’s existing IPC/EvergreenRx business located in O’Fallon, Missouri. Christine Johnston will continue to lead the existing O’Fallon Missouri location, and the combined offices will operate under the leadership of Tricast founder Greg Rucinski under the new brand - “PillarRx Consulting.”

Barrett Brown, a regional president in Brown & Brown’s retail division, who will have oversight responsibility for the PillarRx Consulting operations, stated: “Over the years, Tricast has developed innovative pharmacy benefit oversight and analytic solutions that we believe will further strengthen Brown & Brown’s existing employee benefits platform.

"From an operational standpoint, we believe the combination with Tricast will enable us to serve our new and existing clients more efficiently, as well as offer a broader and deeper range of services. Greg and his team bring invaluable experience and relationships in the pharmacy consulting industry, and we are excited they’ve chosen to join Brown & Brown.”

Rucinski added: “Joining Brown & Brown is an exciting and genuine opportunity to create real synergy in the marketplace. This new combined operation brings a creative and multidisciplinary approach to providing pharmacy benefit best practice.”