AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, announced today the acquisition of Group Benefit Services, Inc.
and GBS Payroll Plus, Inc. (collectively, Group Benefit Services, or “GBS”), one of the largest and most respected third party administrators of employee benefits in the Mid-Atlantic region.
Founded by Bill and Kathy Simmons in 1980 and based in Hunt Valley, Maryland, Group Benefit Services is a third party administrator (TPA) and general agent (GA) offering products and services to support the distribution, delivery and administration of employee benefits and healthcare services. Group Benefit Services is unique in that it provides employee benefit solutions to both fully-insured and self-insured groups.
“We are excited to partner with Group Benefit Services,” said M. Steven DeCarlo, CEO of AmWINS. “Bill, Kathy and the entire GBS team have built a reputation as a trusted benefits advisor and, as part of our Group Benefits division, will enable us to further diversify our offerings to support brokers with mid-market employer clients.”
“The addition of Group Benefit Services gives us the opportunity to grow Mid-Atlantic presence while continuing to help our clients realize strategic benefit plan and financial objectives,” said Samuel H. Fleet, president of AmWINS Group Benefits. “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.”
GBS, 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.
“AmWINS is a leader in the industry with a broad range of products and capabilities, and we’re confident that our employees, brokers, clients and business partners will benefit tremendously from this combination,” said Kathy F. Simmons, co-founder and CEO of Group Benefit Services
. “We are excited to join the AmWINS family and we are looking forward to expanding our geographic footprint by offering our products, services and technology solutions to AmWINS’ national distribution network.”
Terms of the transaction were not disclosed.