Broker expands into benefits space with acquisition

New York-based GFI Insurance Brokerage Inc. said Tuesday that it has merged with MAX Total Benefits Solutions, Inc., a New York City-based boutique employee benefits brokerage and consulting firm. 

Terms of the deal were not disclosed.

The firm will operate under GFI’s name, the brokerage said in a statement. GFI President Brian Gross will retain his position, while MAX President David Solomons will serve as senior vice president of employee benefits at GFI Insurance.

“We had been looking to bolster our capabilities in the employee benefits space, and when we were presented with the opportunity to join forces with MAX Total Benefits Solutions, we recognized this as an ideal chance to hasten GFI’s growth,” Mr. Gross said in a statement.

Mr. Solomons has been president of MAX since founding the company in 2009. Earlier in his career, Mr. Solomons was a senior vice president at Wells Fargo Insurance Services USA Inc.

In addition to its employee benefits division, GFI Insurance also provides companies with insurance coverage in the areas of property and casualty, workers’ compensation, professional liability, personal insurance, risk management and loss control.