NU Online News Service, May 10, 2004, 12:34 p.m. EDT – BenefitMall Inc., Dallas, a broker services company, has completed previously announced plans to acquire Group One Source from a unit of Lincoln National Corp., Philadelphia.[@@]
Group One Source was the benefits marketing arm of Lincoln’s Lincoln Financial Advisors Corp. subsidiary.
Group One distributes health insurance, dental insurance, stop-loss coverage and other products and services in 11 states 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.
Lincoln sold Group One because of a decision the company made back in the early 1990s to focus on financial products, according to Lincoln executives.
Bernard DiFiore, president of BenefitMall, says his company bought Group One to reinforce BenefitMall’s position as the largest U.S. employee benefits general agency. BenefitMall now offers products for brokers in 30 markets in 13 states.