CRC Group has announced that it has officially closed its acquisition of BenefitMall – America’s largest employee benefits wholesale general agency.
CRC Group first announced its plans to acquire BenefitMall in early August. A release explained that the deal would allow CRC Group to provide retail agents with the broadest array of insurance products and services available from any wholesale distributor in the market today.
Read more: CRC Group to acquire BenefitMall
"We are excited to welcome BenefitMall as the newest part of the CRC Group team," said CRC Group CEO Dave Obenauer. "As the insurance marketplace and the risks faced by clients continue to evolve, it's vital that we grow strategically in ways that help us meet those needs. The addition of BenefitMall significantly expands our opportunity to support clients as they navigate the current marketplace."
According to CRC Group, the acquisition is projected to place over $34 billion in premiums annually, and employ more than 5,100 teammates across North America. Following the transaction, BenefitMall will become CRC Group’s employee benefits solution, joining CRC Group’s life, retirement, and benefits division.
BenefitMall will also retain its brand name and its current leadership structure following its acquisition.
"The ability to offer employee benefits is a foundational cornerstone of our division,” said CRC Group life, retirement and benefits solutions division CEO Rob Carney. “Bringing BenefitMall on board expands our offerings and gives us the capacity to enhance relationships with clients that have diverse insurance needs."
"We are deeply proud of the reputation for excellence we have earned among our broker and carrier partners over the years, and we are excited to bring that commitment to innovation and service with us as we join CRC Group,” added BenefitMall CEO Scott Kirksey. “I am confident that we will continue to deliver the fastest, easiest, and most trusted benefits selling experience as part of the CRC Group family."
Read more: BenefitMall snaps up Iowa-based agency
The closure of the transaction comes after BenefitMall acquired the Iowa-based insurance distributor Mutual Med in late August. Mutual Med is operating as a division of BenefitMall under its current name and leadership.