Out with the old, in with the new. During the past few days, major brokerages have honored this ancient bit of New Year’s advice by emphasizing the new by with a series of acquisitions.
Arthur J. Gallagher & Co., for example, has acquired Springfield, Mo.-based Jenkins and Associates, enlarging its employee benefits footprint. Jenkins and Associates offers employee benefit brokerage and consulting services such as group medical, dental, life, voluntary benefits, disability, wellness and long term care insurance programs for their corporate clients throughout the Midwest.
Gallagher also acquired Cleaveland Insurance Group of Rock Island, Ill. The retail brokerage, which was founded in 1868, provides property/casualty, employee benefits and risk management insurance services for their middle-market clients throughout the central United States.
Meanwhile, a Brown & Brown subsidiary has acquired certain assets of Charlotte, N.C.-based ICA, Inc. ICA, which has annualized net revenues of approximately $13.2 million, provides insurance claims adjusting and related services, including third party administration services across the country.
And Alliant Insurance Services has acquired PRB Administrators NY, a New York-based retirement services company. The acquisition continues the expansion of the Alliant Retirement Services group, adding additional services and solidifying its presence in New York.
PRB provides consulting and technical expertise designed to simplify retirement plan administration. The firm offers a range of services that includes plan design and implementation; defined contribution/401(k) plan recordkeeping and administration; annual compliance testing and government reporting; and consulting services.