An insurer is using an acquisition to go after larger retirement services accounts.
OneAmerica Financial Partners Inc., Indianapolis, says it has agreed to acquire McCready and Keene Inc., Indianapolis, an independent actuarial and consulting firm that specializes in the design and administration of retirement plans.
The deal is set to close July 1.
OneAmerica is not saying how much it will pay for McCready, but it says the firm will work together with the retirement services division of OneAmerica’s American United Life unit.
McCready and Keene was founded in 1933. Today, it manages about 800 retirement plans with 500,000 participants and $19 billion of plan assets.
American United Life has focused on selling 401(k) and 403(b) retirement plans to plans to at least $500,000 in plan assets.
American United Life now wants to pursue “new opportunities in larger markets,” OneAmerica says.