The Corridor Business Journal Reports:
Benefit Solutions (BSI) in Hiawatha has been acquired by Minnesota-based North Risk Partners, one of the largest independent insurance agencies in the Midwest, the companies announced August 1st.
Greg Dunn, BSI's co-founder and preceding owner, will continue to head the Hiawatha office and BSI advisors and staff will remain unchanged. Terms of the deal were not disclosed.
"Benefit Solutions has been looking to join forces with a larger firm that shares our basic values and approach to business," Mr. Dunn said in a statement. "North Risk Partners is that firm for us."
BSI will continue to represent its same insurance providers and products, including Wellmark BlueCross BlueShield, Principal, United Health Care, Delta Dental, VSP and others; it will also gain access to additional providers as a result of the acquisition.
The acquisition gives BSI business clients access to North Risk's support services in the areas of human resources, safety, workplace wellness and more.
"Greg and his team at BSI are known for having a culture of excellence," said North Risk Partners - Bearence Division President Dan Seemuth, in a statement. "There is a great cultural fit between our two firms with respect to how we do business. BSI brings expertise in all types of benefits, including small and large group employee benefits, as well as individual and Medicare plans. This partnership will further strengthen both North Risk's and BSI's already thriving benefits practices."
BSI will become North Risk's 24th location across three states, including Minnesota, Iowa and Nebraska. The firm will be co-branded with the North Risk Partners name and logo. Eventually BSI will adopt the North Risk Partners brand exclusively.
Benefit Solutions co-founder Greg Dunn (left) and North Risk Partners - Bearance Division President Dan Seemuth. CREDIT NORTH RISK PARTNERS