AmeriLife Group, which distributes life, health and retirement solutions, has snapped up Austin, Texas-based American Benefits Exchange for an undisclosed amount.
The acquired company provides insurance solutions to federal, postal and state employees, in addition to US Armed Forces members and small businesses.
Its portfolio includes offerings that are said to address important financial issues faced by civil service employees.
AmeriLife chairman and CEO Scott Perry said: “American Benefits Exchange is a well-rounded marketing company that has made its mark in life, health and annuity distribution, supplementing existing government benefit plans.
“Our partnership will support American Benefits Exchange’s mission by leveraging a holistic approach to product delivery and expanding the company’s distribution footprint.”
American Benefits Exchange president Brian Pearson added: “Our partnership with AmeriLife brings us access to market-leading life, health and annuity products and best-in-class training and technology tools that will position American Benefits Exchange to grow exponentially while continuing to faithfully serve our clients.”
Pearson, who has over three decades of experience in the insurance industry, founded American Benefits Exchange in 2016.
Following the transaction, he will continue to lead the firm as its president while also serving as a principal and member of the AmeriLife Life & Health Brokerage Distribution division.
The acquisition is part of AmeriLife’s strategic move to expand its distribution capabilities and reaching a larger audience and marketplace.
Earlier this month, the company acquired Tucson, Arizona-based Forward Strategies Insurance Brokers, which provides marketing annuities, life insurance, long-term care and hybrid products.
It followed the company’s previous purchases of life insurance distributor The Equita Group and direct-to-consumer brand Senior Healthcare Direct.