Posted on 09 Sep 2009
AmWINS Group, Inc. today announced the acquisition of The Managing Agency Group-Employee Benefits ("MAG-EB"), a division of Willis HRH. MAG-EB is a wholesale broker and administrator of employee benefit plans for small and mid-sized employer groups of 2 to 300 employees. Terms of the transaction were not disclosed.
"This acquisition further demonstrates our commitment to strategically diversify our business and product offerings," said M. Steven DeCarlo, CEO of AmWINS Group. "MAG-EB’s niche expertise and target client group complement our existing capabilities and offer a natural synergy within our benefits division."
Founded in 1976, MAG-EB distributes and administers a broad portfolio of group benefit products (including Dental, Vision, Life, AD&D, STD and LTD) specifically designed to meet the needs of employer groups and their employees. In addition, MAG-EB serves as a brokerage general agency of employee benefit plans for over 30 major carriers.
"We are excited to be joining the AmWINS family. AmWINS’ national platform, extensive relationships and dedicated wholesale distribution model will complement our product offerings and enhance our overall capabilities. We see a tremendous opportunity to bring new products to our retail partners as well as distribute our proprietary products to AmWINS’ retail network," said Tim Falanga, President of MAG-EB.
"We are pleased to welcome Tim and his team to our company. Our division’s focus is to work directly with benefit brokers, consultants and TPAs on a national level," said Samuel H. Fleet, President and CEO of AmWINS Group Benefits. "The added expertise of MAG-EB enables us to provide our customers with further customized solutions and the level of service they have come to expect from AmWINS Group Benefits."