America's Benefit Specialist August-September 2022

RECENT MERGERS AND ACQUISITIONS

The combination of FormFire and the AgencyBloc AMS will streamline broker workflows. In addition, the combined com pany plans to expand its connections with carriers to enable efficient information flow across a broader set of small-group quoting and enrollment stakeholders. “FormFire is a leader in digitizing the health insurance quoting and enrollment process and we were very excited to get involved in their mission,” said Adam Lewis, CEO of AgencyBloc. “This acquisition will allow us to better serve our broker clients and improve workflow efficiency.” UMB HEALTHCARE SERVICES TO ACQUIRE HSA BUSINESS FROM OLD NATIONAL BANK UMB Bank announced the execution of a definitive agreement to acquire the Health Savings Account business of Old National Bank, a wholly owned subsidiary of Old National Bancorp. The transaction contem plates the transfer of approximately $500 million in client assets, of which approx imately $400 million are held in deposit accounts (based on numbers as of March 31, 2022). The assets, which are comprised of approximately 157,000 accounts across more than 3,000 employer groups, will significantly expand UMB’s direct-to- employer accounts. Old National Bancorp, one of the largest bank holding companies headquartered in the Midwest, has offered direct-to- employer HSAs since 2004. Upon closing, the nine-person Old National team will transition to UMB Healthcare Services. This acquisition is pending regulatory approval and is expected to close during the fourth quarter.

Kevin Slawin. “Trustmark will focus on markets where we can grow in the future, deliver differentiated capabilities for our clients and members and lead at a national level. In an evolving work environment, we will accelerate our efforts to become vastly more consequential in the markets we serve by helping employers offer benefits that build engaged, healthy teams.” Health Benefits will continue to support its existing employers and members with the same level of service following the acquisition. Completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close later this year. AGENCYBLOC ACQUIRES FORMFIRE AgencyBloc, an agency management system provider for independent insurance agencies, has announced the acquisition of FormFire, a provider of quoting and enrollment for small-group benefits and medical health questionnaire data collection for carrier underwriting. The FormFire solution supports benefits quoting and enrollment, streamlining the many steps of the application process across many carriers and plan types into a single workflow across medically underwritten and community-rated small-group health plans. FormFire makes brokers more efficient and ensures that carriers receive accurate data for underwriting, quoting and enrollment. With a customer base of over 600 retail brokers and connectivity with leading health insurance carriers across 33 states, FormFire is dedicated to pro viding enhanced customer service and simplifying the distribution of small-group medical insurance.

TRUIST ACQUIRES BENEFITMALL Truist Insurance Holdings Inc. has signed a definitive agreement to acquire BenefitMall, the nation’s largest benefits wholesale gen eral agency, from funds managed by global investment firm Carlyle. The transaction will add approximately $150 million of an nual revenue to Truist Insurance Holdings’ wholesale division. Financial terms were not disclosed. The transaction is expected to close in the third quarter. “This acquisition of BenefitMall enables us to further diversify the solutions we offer to our clients and create an enhanced client experience,” said Truist Chairman and CEO Bill Rogers. BenefitMall has been serving clients for over 40 years, providing medical, dental, life, vision and long-term care benefits solu tions. Through its network of approximately 20,000 retail brokers, the company provides employee benefits to more than 140,000 small and medium-sized businesses across the country, leveraging a combination of in novative technology and human expertise to deliver a seamless benefits selling experience for its carriers, brokers and their clients. BenefitMall will be combined into CRC Group, a national wholesale distributor of specialty insurance products. HCSC TO ACQUIRE TRUSTMARK HEALTH BENEFITS Health Care Service Corporation has signed a definitive agreement with Trustco Holdings Inc. to purchase its wholly owned subsidiary, Trustmark Health Benefits, a third-party administrator of health benefits. “With this transaction, I am confident that, with HCSC, Health Benefits and its associates will be well-positioned for future success,” said Trustmark President and CEO

6 ABS | benefitspecialistmagazine.com