Selman & Company Announces Two Acquisitions
CLEVELAND, April 14, 2014 /PRNewswire/ -- Selman & Company, a leading insurance administrator with customers throughout the fifty states, the District of Columbia and Canada, today announced two acquisitions: all of the business and assets of Association & Society Insurance Corporation (ASI) and the life and accident insurance administration business of MAI Services Corporation.
"These additions give us significantly greater insurance market volume, strengthening our offerings for both our longstanding customers and those who are now joining us," said David L. Selman, President and CEO. "We will now offer even greater diversity of products and services to an ever growing variety of prospective clients."
Selman & Company provides insurance marketing and administrative services to Associations, Credit Unions, Banks, Employers and Insurance Companies and has now successfully made a total of ten acquisitions in its +30 year history. These latest transactions, along with continued strong organic growth, will more than double the total amount of insurance premium Selman & Company has under administration from $73 million in 2012 to $155 million. It last acquired the Life & Health Insurance Business of PICA Group Services of Nashville, Tennessee in 2011.
Based in Rockville, Maryland, ASI is the leading third-party administrator in the marketing and administration of Tricare Supplement insurance plans. It is highly regarded for its specialized supplemental health programs for retired veterans and the eligible dependents of disabled veterans and veterans who died in the line of duty. Eight of the top ten top national defense contractors and many state and local governments rely on ASI to provide supplement health benefits to their employees who are retired military veterans. Its 65 employees, who continue to serve from their Rockville offices, also provide insurance coverage through a number of national military retiree associations.
MAI Services Corporation is based in Cuyahoga Falls, Ohio and it continues to serve as a broker of property & casualty and life & health insurance programs for Credit Unions and their members and community banks and their customers. Selman & Company will continue to work with MAI in providing life and accident insurance administration to over 60 credit unions and over 100 community banks.
About Selman & Company
Based in Cleveland, Ohio, Selman & Company has marketed and administered life & health insurance products to members of associations and affinity groups, customers of financial institutions, and employees through their employers for over 30 years. Selman & Company is among the largest privately held firms in the nation with focus on the markets in which it serves. Visit us at www.SelmanCo.com
About Association & Society Insurance Corporation
Based in Rockville, MD, ASI is a leading provider of TRICARE, TRICARE Reserve Select, and CHAMPVA supplement plans for individuals and families. They have been serving the military retiree community since 1975 and have built a reputation for excellence through their plans and their partnerships with various military associations.
About MAI Services Corporation
Based in Cuyahoga Falls, OH, MAI provides insurance based products and services to Financial Institutions and their members and customers. Founded in 1977 MAI provides Credit Unions services that generate loans, increase asset quality, provide fee income and strengthen member relationships.
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SOURCE Selman & Company