Insurance administrator Selman & Company has acquired the business and assets of third party administrator (TPA) of voluntary worksite benefits, Vision Financial Corporation.
The combined firm’s portfolio leverages Selman’s scale and investments in talent and technology with Vision’s experience and expertise serving employer, producer, and carrier clients.
Vision Financial president and CEO David L. Selman said: “This addition of Vision’s talented team and client roster is a strategic fit that increases our appeal in the growing employer market segment.
“We’re excited to offer more opportunities for our clients and partners and to undertake this significant expansion,” he added. Employer supplemental benefits are expected to account for over 20% of SelmanCo’s post-acquisition business.
Selman & Company provides insurance marketing and administrative services to associations, credit unions, banks, employers, and insurance companies. With this transaction, Selman & Company has completed a total of eleven acquisitions during its 36-year history.
Vision Financial’s business assets boost SelmanCo’s premium under administration to nearly $300m, with company revenue having increased more than 200% during the last three years. Selman & Company most recently acquired Association & Society Insurance Corporation in 2014, making it the leading provider of supplemental medical insurance for retired military personnel and their families.
Since 1989 Vision Financial has provided a complete outsourcing solution in the field of voluntary benefit administration. With innovative benefits administration software and decades of experience in the space, the company enables its clients to enter the voluntary benefits market with minimal initial investment.
The company is headquartered in Keene, New Hampshire, where operations will continue.
Vision Financial president Jay Pettapiece said: “This is a great day for Vision, its employees, and Keene. We’re very proud to deliver customized technology and superior customer service, and now we’ll be able to do so on a much broader scale.”
The company employs 60 people and provides administrative, billing, and consulting services for nearly 2,000 employer clients.