AmWINS Acquires The Managing Agency Group-Employee Benefits, a Division of Willis HRH.CHARLOTTE, N.C. -- AmWINS Group, Inc. today announced the acquisition of The Managing Agency Group-Employee Benefits ("MAG-EB"), a division of Willis HRH HRH abbr. Her (or His) Royal Highness HRH Her (or His) Royal Highness HRH abbr (= His (or Her) Royal Highness) → S.A.R. . MAG-EB is a wholesale broker and administrator of employee benefit plans for small and mid-sized employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. of 2 to 300 employees. Terms of the transaction were not disclosed. "This acquisition further demonstrates our commitment to strategically diversify our business and product offerings," said M. Steven DeCarlo, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AmWINS Group. "MAG-EB's niche expertise and target client group complement our existing capabilities and offer a natural synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. within our benefits division." Founded in 1976, MAG-EB distributes and administers a broad portfolio of group benefit products (including Dental, Vision, Life, AD&D, STD (Subscriber Trunk Dialing) Long distance dialing outside of the U.S. that does not require operator intervention. STD prefix codes are required and billing is based on call units, which are a fixed amount of money in the currency of that country. and LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability ) specifically designed to meet the needs of employer groups and their employees. In addition, MAG-EB serves as a brokerage general agency of employee benefit plans for over 30 major carriers. "We are excited to be joining the AmWINS family. AmWINS' national platform, extensive relationships and dedicated wholesale distribution model will complement our product offerings and enhance our overall capabilities. We see a tremendous opportunity to bring new products to our retail partners as well as distribute our proprietary products to AmWINS' retail network," said Tim Falanga, President of MAG-EB. "We are pleased to welcome Tim and his team to our company. Our division's focus is to work directly with benefit brokers, consultants and TPAs on a national level," said Samuel H. Fleet, President and CEO of AmWINS Group Benefits. "The added expertise of MAG-EB enables us to provide our customers with further customized solutions and the level of service they have come to expect from AmWINS Group Benefits." About AmWINS Group, Inc. AmWINS Group, Inc. (www.amwins.com) is a wholesale distributor of specialty insurance products dedicated to serving retail agents throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by providing property and casualty, group life and health, and program administration services. Based in Charlotte, NC, the company operates through more than 45 offices across the United States and handles premium placements in excess of $3.4 billion dollars annually. |
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