Latest investment expands service and product capability for employer-based supplemental benefit programs
Cleveland, OH – February 6, 2017 – Selman & Company, a leading insurance administrator serving more than 1,500,000 individual customers throughout the US and Canada, has acquired the business and assets of Vision Financial Corporation, a third party administrator (TPA) of voluntary worksite benefits. 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.
“This addition of Vision’s talented team and client roster is a strategic fit that increases our appeal in the growing employer market segment,” said David L. Selman, President and CEO. “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 $300 million, 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.
Jay Pettapiece, President of Vision Financial, stated, “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.
About Selman & Company
Based in Cleveland, Ohio, Selman & Company has marketed and administered life and health insurance products to members of associations and affinity groups, customers of financial institutions, and employees through their employers for 36 years. Selman & Company is among the largest, privately-held firms in the nation with focus on the markets in which it serves. Visit us at www.SelmanCo.com.
About Vision Financial Corporation
Based in Keene, NH, Vision Financial Corporation is a third party administrator (TPA) of voluntary insurance benefits. Since 1989, Vision has provided the partnership and support that insurance carriers require to run their worksite business efficiently, smoothly, and successfully. With a highly qualified staff and decades of combined experience, Vision excels at finding unique solutions to the challenges of worksite administration. Visit us at www.VisFin.com.
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