An insurer is scooping up one of its key distributors.
Mutual of Omaha Insurance Company, Omaha, Neb., has agreed to acquire the assets and personnel of Retirement Marketing Services Inc., Dublin, Ohio.
RMS is a wholesaler that markets 401(k) plans, 403(b) plans, 457 plans and individual retirement account rollover plans through a network of about 50 wholesalers.
The companies are not announcing the price of the deal, but they say they hope to complete it by the end of March.
RMS was founded in 2001. Over the past 2 years, it has increased sales to about $500 million per year by becoming the primary distributor of Mutual of Omaha retirement plans.
Mutual of Omaha retirement plans now make up about 60% of RMS’s new business, according to Mutual of Omaha.
Once the acquisition is complete, RMS will stay in Dublin, and Chuck Lombardo, the president and founder of RMS, will continue to lead the firm, Mutual of Omaha says.