US-based specialty insurance broker One80 Intermediaries (One80) has purchased SelmanCo, a third-party administrator and broker, for an undisclosed amount.
SelmanCo is based in Cleveland, Ohio, the US, and has been operating across the country and Canada for around 40 years.
The company has formed long-term collaborations with more than 55 insurance companies and currently supervises around $300m of insurance premium per annum.
Besides, SelmanCo currently serves over 1.3 million customers, around 800 financial institutions, as well as 2,100 employers and 70 affinity groups.
One80 Intermediaries president Matthew F Power said: “We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families.”
For the latest deal, Dowling Hales served as the exclusive financial advisor for SelmanCo, while Jones Day offered legal representation. Ropes & Gray represented on behalf of One80 Intermediaries.
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SelmanCo managing director David Selman said: “We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner.
“Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful.”
In January this year, One80 bought insurance broker Pearl Insurance with an aim to expand its footprint.