AmWINS Group Inc. announced that it has acquired Group Benefit Services Inc. and GBS Payroll Plus Inc., known collectively as Group Benefit Services, in Hunt Valley, Maryland. Terms of the transaction were not disclosed.
Founded in 1980, Group Benefit Services is a third party administrator and general agent offering products and services to support the distribution, delivery and administration of employee benefits and healthcare services. Group Benefit Services provides employee benefit services to both fully-insured and self-insured groups.
AmWINS said the acquisition would help grow AmWINS’s Group Benefits presence in the Mid-Atlantic region and complement its existing Group Benefits division capabilities. The deal would help AmWINS’s Group Benefits division enhance its mid-market self-funded product offerings and expand capabilities in fully-insured product administration, AmWINS said.
Group Benefit Services, with more than 200 employees, represents more than 20 insurance carriers while supporting in excess of 8,000 employer groups nationwide through its relationships with over 800 benefits brokers.
Established in 1998, AmWINS is a Charlotte, North Carolina-based wholesale brokerage with nearly 100 locations around the world and more than 3,600 employees. AmWINS has expertise across a diversified mix of property, casualty, group benefits and specialty insurance products. It has extensive relationships with more than 20,000 retail insurance brokerage firms and more than 800 insurance underwriting firms.