Heffernan Insurance, a US-based full-service independent broker, has acquired twentytwenty Insurance Services for an undisclosed sum.
Founded in 2001, the acquired firm focuses exclusively on employee benefits and managed care stop loss.
The acquired firm specialises in the implementation and management of complex medical programs, integration of health and wellness plans, technology, and employee education.
Cypress, California-based twentytwenty’s client portfolio includes manufacturing companies, healthcare providers, restaurants, and non-profit organisations.
Heffernan Insurance president and CEO Michael Heffernan said: “We are excited to bring Sima and her team on board to bring enhanced expertise to our benefits practice, grow our southern California presence, and enable them to continue to provide top-notch service to their clients.”
Under the agreement, twentytwenty Insurance Services founder and CEO Sima Reid and her team have joined Heffernan’s new Cypress office, effective 1 October 2021.
Reid said: “We are excited that twentytwenty whose vision of bringing complex insurance issues into focus will be a part of the Heffernan family. Our commitment to our clients and our twentytwenty team continues to be our focus.
“We look forward to an exciting future in bringing additional expertise in property-casualty and workers’ compensation to our clients”.
Heffernan Insurance has also invited independent insurance brokers across the US for collaboration as part of its growth strategy.
Recently, Heffernan-backed insurtech TrustLayer raised $15.1m in a Series A round of funding.
TrustLayer uses AI to digitise the insurance verification process.