Marsh & McLennan Agency LLC, White Plains, N.Y., has acquired Rosenfeld Einstein, a $9 million property/casualty and employee benefits agency based in Greenville, South Carolina. Terms of the transaction were not disclosed. Rosenfeld Einstein is the 21st acquisition Marsh & McLennan Agency has completed since November 2009.
With roots dating back to 1933, Rosenfeld Einstein offers a range of property/casualty and employee benefit services to clients in the Southeast and mid-Atlantic regions. All of the agency’s 55 employees, including principals Dan Einstein, Howard Einstein, and Nathan Einstein will join MMA’s mid-Atlantic hub led by Rutherfoord, a Marsh & McLennan Agency LLC company, and continue operating out of the firm’s Greenville, South Carolina office.
In other industry news:
National brokerage general agency Pinney Insurance Center, Inc., Roseville, Calif., has signed an agreement with The WealthCounselCompanies, a nationwide organization for attorneys and wealth planning professionals.
As part of the agreement, Pinney Insurance will encourage its agents to become active members of The Advisors Forum – a division of The WealthCounsel Companies. The objective of The Advisors Forum relationship is to help agents gain the confidence of attorneys and optimize the collaboration when serving the needs of estate planning clients.
As members of The Advisors Forum, Pinney’s insurance and financial advisors will have access to the Certified Collaborative Advisor designation, as well as tools designed to help bridge the relationship gap with attorneys and CPAs.
Ashley Pace has joined Lockton Companies in Memphis as an employee benefits consultant and producer. Pace will advise clients on health and welfare programs, human resources issues, and health risk solutions. He will also be responsible for new business development.
Pace joins Lockton after seven years with Regions Insurance and more than 14 years of experience in the development and management of health and welfare programs. He also brings expertise in the managed care arena and an understanding of how wellness programs can improve employee health and employer bottom lines.
Pace is a member of the International Foundation of Employee Benefits, the National Business Group on Health, and the Society of Human Resource Managers. He is a recipient of the Presidents Club award given to those in the insurance industry who have exceeded sales goals year over year. He is a graduate of the University of Tennessee, Knoxville.
The final expense whole life insurance products from Settlers Life Insurance Company, Bristol, Va., are now available in seven new states: Arkansas, Kansas, Missouri, Nebraska, New Jersey, New Mexico and Oklahoma.
The addition of these seven states increases Settlers Life’s marketplace to 36 states.
“We now cover the heartland of America and all of the Southeast,” said Michael Lowe, president of Settlers Life. “Only New England and the Pacific Coast remain outside our marketplace.” Settlers Life is now recruiting agents in these seven states.
Flexible Benefit Service Corporation, Rosemont, Ill., has launched a private health insurance exchange InsureXSolutions. The private exchange promotes a defined contribution funding model that gives uninsured employers a way to set their own budget and assist employees with health care expenses. The InsureXSolutions online platform provides an insurance marketplace where employees can shop, compare and apply for insurance plans that fit their personal needs.
Available in select markets, employers allocate a fixed amount of funds for each employee. Employees can then login to the InsureXSolutions online portal for access to online quoting and comparison resources for individual and family insurance plans from various national and regional insurance companies. Once employees find the right plan, they use the online marketplace to directly apply for heath insurance, Medicare, short-term insurance and/or vision insurance.
Aviva USA, West Des Moines, Iowa, has introduced a new life insurance rider that provides increased flexibility to customers purchasing select indexed universal life policies. The Aviva Accelerated Access rider allows customers who are diagnosed with a chronic illness quick access to funds from the policy’s death benefit.
With the Accelerated Access rider, a customer certified as chronically ill by his or her physician and who meets all eligibility requirements may access a majority of the life insurance policy’s death benefit, generally on a tax-free basis. The proceeds can be used by the policyholder to help pay for costs incurred in living with their condition – including nursing home costs, family care, assisted living, adult daycare, home health care or toward their mortgage.
“Our new rider differs from Long-Term Care insurance in that it can be more affordable and flexible, and provide a death benefit while helping to meet the costs associated with the care a customer may need,” said Chris Jones, Aviva USA chief marketing officer. “This takes a burden off an individual with a critical health issue.”