Global distributor of specialty insurance products, AmWINS Group, this week acquired third party administrator and general agent Group Benefit Services and its affiliate GBS Payroll Plus.
Group Benefit Services was founded by Bill and Kathy Simmons in 1980 and offers employee benefits and healthcare services to both fully insured and self-insured groups. It has more than 200 employees and represents over 20 insurance carriers through its relationships with over 800 benefits brokers.
Last year, one of Canada's largest pension investment managers, Public Sector Pension Investment Board, took a sizeable strategic investment in the company.
“Through this partnership, we will also be able to enhance our mid-market self-funded product offerings as well as expand our capabilities in fully-insured product administration. This acquisition is a perfect complement to our existing Group Benefits division capabilities and helps us round out our full service solutions for our broker clients.” said Samuel Fleet, president of AmWINS group benefits.
The terms of the acquisition were not disclosed to the public.
