P-Solve Asset Solutions has completed the acquisition of Meridian Performance Services Ltd., an insurance consulting firm.
P-Solve, Framingham, Mass., a unit of Punter Southall Group Ltd., London, purchased Meridian, London, to combine Meridian’s investment accounting software and universe reporting business with P-Solve’s own CAMRADATA Analytical Services reporting business.
P-Solve will operate as P-Solve Meridian and maintain offices in both Boston and London, P-Solve says.
David Osborne, the founder of Meridian, will retire after a transition period, and Kate Miller will take charge of the London arm of P-Solve Meridian, P-Solve says.
Stewart Foley will continue to lead the U.S. practice, P-Solve says.
In other insurance deal news, BB&T Insurance Services a unit of BB&T Corp., Winston-Salem, N.C. (NYSE:BBT) – a midsize regional bank holding company – is expanding its distribution network in the Baltimore area.
BB&T Insurance Services is acquiring Atlantic Risk Management Corp., Columbia, Md.
Atlantic Risk, a brokerage firm that sells employee benefits as well as commercial property-casualty coverage, was founded in 1981 and now has 45 employees.
BB&T Insurance Services is not saying how much it will be paying for Atlantic Risk but says it hopes to complete the deal in October.
Atlantic Risk will operate as BB&T-Atlantic Risk Management.
Mary Ann Marbury, the current Atlantic Risk president, will continue to oversee the operation, BB&T Insurance Services says.
BB&T Insurance Services also operates BB&T-Frederick Underwriters in Frederick, Md.