Marsh & McLennan Agency has acquired the employee benefits division of Kaeding, Ernst & Company.
The division, with approximately $600,000 in annual revenue, will become a part of Bostonian Group, a Marsh & McLennan Agency company. Marsh & McLennan says the acquisition will expand Bostonian’s depth and expertise in employee benefits.
Terms of the transaction were not disclosed.
Marsh & McLennan Agency, New York, is a subsidiary of insurance broker Marsh Inc. Kaeding, Ernst & Company, Marlborough, Mass., is an employee benefits, life insurance, and financial planning consulting firm.
The transaction is the second complementary acquisition for Bostonian/MMA following the February acquisition of the Boston office of Kinloch Consulting Group Inc., the employee benefits division of Kinloch Holdings Inc.
In other company news:
USAA Life Insurance Co., San Antonio, Tex., debuted an immediate income annuity, the Guaranteed Retirement Income Plan.
The product lets owners receive a guaranteed income for life, with the flexibility to withdraw up to 30% of the annuity’s present value after three years in the event of a qualifying financial emergency, such as an uncovered medical expense.
Security Benefit Corp., a Topeka, Kansas-based Guggenheim Partners Company, launch of the Total Interest Annuity, the firm’s first fixed annuity product designed to accept ongoing contributions.
The product will be issued by Security Benefit Life Insurance Company (SBL), a subsidiary of Security Benefit Corporation.
Built for the 403(b) market, the annuity can be funded with contributions up to $16,500 annually or with IRA contributions or rollovers, the company says. The initial guaranteed crediting rate will be reset after 12 months and every year thereafter.