Wholesale employee benefit distributor Emerson, Reid & Co. in New York announced the acquisition today of the Englewood, N.J.-based general agent BenefitPort MidAtlantic.
The company said BenefitPort is expected to contribute approximately $6 million in revenue to Emerson Reid on an annual basis. The terms of the transaction were not disclosed.
BPMA distributes group products to small and large businesses through independent agents and brokers.
Emerson Reid said the acquired firm would strengthen its presence in the New Jersey market and serve as a strategic link between the New York and Pennsylvania operations.
Arthur Hall, Emerson Reid’s chief executive officer, said the acquisition “solidifies our position as the largest general agent in New York, New Jersey and Pennsylvania.”
He added that BenefitPort, as a technology innovator, complements existing operations in New York and Pennsylvania.
Emerson Reid said it will maintain BPMA’s current operations from their Englewood location while incorporating several technology-driven resources and leveraging economies of scale to service independent agents and brokers.