Posts Tagged

Acquisitions

U.S. virtual care provider Teladoc in June 2018 acquired Advance Medical, a virtual care provider with strong presence outside of the United States, creating a global virtual care platform. Advance Medical adds its suite of international clinical capabilities to Teladoc’s technology and scale. The new company is now equipped to meet the needs of U.S. multinational employers, for whom one-third of all employees live abroad. Advance Medical is present

ANZ Bank New Zealand in June 2018 announced that Cigna will acquire OnePath Life for NZ$700 million. According to ANZ, the transaction is made at a “slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million.” The agreement also includes a 20-year partnership whereby Cigna will provide insurance policies for ANZ bank customers. ANZ said it intends for all staff involved

WellCare Health Plans in June 2018 announced that it has acquired Meridian Health Plan of Michigan, Meridian Health Plan of Illinois, and MeridianRx, a pharmacy benefit manager (PBM) for $2.5 billion in cash. The transaction is expected to close by the end of 2018. Meridian expects to generate more than $4.3 billion in total revenue in 2018. As a result of this transaction, WellCare will diversify its Medicaid portfolio through the addition of Michigan state, where

Gallagher in May 2018 announced several acquisitions in the United States and England to bolster its retail property/casualty brokerage operations and employee benefits consulting services. Simi Valley, California-based Thomas Costello Insurance Agency is a retail property/casualty broker, and employee benefits consultant and broker, offering commercial and personal coverages to clients primarily across Southern California. Tom Costello and his associates will continue to operate from their current location under the direction of Scott

Vistra in April 2018 acquired Radius, a U.S.-based provider of international expansion services. Vistra is a provider of international incorporations, trust, fiduciary, private office and fund administration services, and will be acquiring Radius from the private equity firm Hg. Radius provides managed services, advisory services and OverseasConnect, its integrated cloud-based software platform, to more than 500 clients operating in 80 countries. The firm is headquartered in Boston with offices

Ascensus, a U.S. third-party administrator (TPA) of savings products, in March 2018 entered into an agreement to acquire Chard Snyder, which will serve as the anchor business for Ascensus’ newly formed Health division. Chard Snyder is a TPA that services consumer-directed health (CDH) plans including health savings accounts, health reimbursement arrangements, and flexible spending accounts. It also offers benefit continuation services like COBRA and FMLA leave administration along with

Zurich Insurance Group in March 2018 accelerated the growth of Cover-More Group, its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire providers of traveler assistance in Latin America. These acquired businesses operate under the Travel Ace and Universal Assistance brands. The transaction incorporates 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the

Global insurance brokerage Hub International in March 2018 announced that it has acquired the assets of Spectra Management. Headquartered in Sandy, Utah, Spectra specializes in helping companies create employee benefits packages that ‘achieve the delicate balance between financial goals and company culture’. Through its retirement division, Spectra provides 401(k) retirement services, fiduciary risk management services, investment due diligence, plan and compliance review, provider services and benchmarking, and wealth management.

Global insurance brokerage Hub International (Hub) in February 2018 announced that it has acquired the shares of Kindersley Insurance. Headquartered in Kindersley, Saskatchewan (Canada), with an office in Dodsland, Kindersley Insurance Ltd. is a full-service, independent personal and commercial insurance brokerage that specializes in insurance solutions for the agriculture, oil field and trucking industries. Principals Mark Stockford and Barry Andrew will join Hub Manitoba and report to Doug Trapp,

After raising $48 million in 2017 to tap into the growing needs of businesses to handle their global workforces, MOVE Guides in February 2018 announced the acquisition of Polaris Global Mobility, in order to expand its footprint in the market and the services it offers to customers. Polaris works with large enterprises to build software to manage expat programs and payroll. With the acquisition, MOVE Guides will now be