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BenefitMall To Acquire Lincoln Benefits Unit

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NU Online News Service, April 16, 2004, 12:15 p.m. EDT – BenefitMall Inc., Dallas, a broker services company, has agreed to acquire Group One Source from a unit of Lincoln National Corp., Philadelphia.[@@]

Group One Source is the benefits marketing arm of Lincoln National’s Lincoln Financial Advisors Corp.

Group One distributes health insurance, dental insurance, stop-loss coverage and other products and services for companies such as Humana Inc., Louisville, Ky.; MetLife Inc., New York; Hartford Financial Services Group Inc., Hartford; and the Transamerica Worksite Marketing unit of AEGON N.V., The Hague, Netherlands.

The price of the deal is not available, but BenefitMall says the deal should close within 30 days.

Lincoln National is selling Group One because of a decision the company made back in the early 1990s to focus on financial products, according to Lincoln National President Robert Dineen.

Bernard DiFiore, president of BenefitMall, says his company is buying the unit to establish itself as the largest U.S. employee benefits general agency.

In February, BenefitMall bought the assets of another benefits marketing organization, Colorado Group Services, Denver.

CGS is a full-service general agency that serves as the Colorado general agency for Anthem Inc., Indianapolis, the holder of the Blue Cross and Blue Shield licenses for Colorado.