Charlotte, N.C.--based wholesale broker AmWINS Group, Inc. said it has acquired The Managing Agency Group-Employee Benefits (MAG-EB), a division of Willis HRH. Financial terms were not released.
AmWINS said Shelton, Conn.-based MAG-EB is a wholesale broker and administrator of employee benefit plans for small and mid-sized employer groups of 2 to 300 employees.
MAG-EB, founded in 1976, distributes, and administers a broad portfolio of group benefit products (including Dental, Vision, Life, Accidental Death and Dismemberment Insurance, Short Term Disability Insurance, and Long Term Disability Insurance) for employer groups and their employees.
In addition, MAG-EB serves as a brokerage general agency of employee benefit plans for over 30 major carriers. The firm's Web site says it has eight executives plus support staff.
"This acquisition further demonstrates our commitment to strategically diversify our business and product offerings," said M. Steven DeCarlo, chief executive officer of AmWINS. "MAG-EB's niche expertise and target client group complement our existing capabilities and offer a natural synergy within our benefits division."
A spokesman for AmWINS declined to give any additional information about the transaction.
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