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Deals & People July 21, 2008
PSA Acquires Alliance Benefit Group Office
PSA Insurance&Financial Services acquired the Baltimore office of Alliance Benefit Group Mid-Atlantic (ABG), the company said.
Reported by Rebecca Moore
PSA will gain more than 20 employees, including many experienced retirement plan consultants and administrators, as well as two certified financial planners and two full-time actuaries. According a release, the deal also adds a book of business that includes large companies with up to $50 million in retirement plan assets.
The ABG team joining PSA is led by President Charles E. Offutt, who will become the new retirement plan leader for PSA.
With the acquisition of ABG, PSA also gains a new capability to serve companies with defined benefit plans.
Benefit Plans Administrative Services, Inc. (BPAS), a subsidiary of Community Bank System, Inc., recently acquired the Philadelphia division of Alliance Benefit Group (ABG) MidAtlantic from BenefitStreet.