Benefits industry newsmakers: Buck, MedEncentive, CareFirst, MedStar Health, Cigna, Evernorth, Definiti, andros, CloudPay
News of MetLife, OneDigital, Nuveen, NFP, Molina Healthcare, Lockton Companies, Rutledge Policy Group, SageView Advisory Group, SunLife, MGIS.
In the employee benefits and retirement industry, people are stepping up, putting themselves out there, finding new opportunities. Such well-worn phrases still serve to show the energy in this dynamic space, of which you and I are a part. Read on to see the news that’s crossed our Inboxes of late.
Sun Life U.S. and The MGIS Companies announced a 10-year extension of their partnership. Sun Life will continue to be the exclusive provider of group disability and life insurance to MGIS’ base of healthcare professionals in various practice settings and will expand products and services to shared clients under the new agreement.
SageView Advisory Group announced the addition of Margarita Cross as a Retirement Plan Consultant in Northern California. In her role, she supports her clients’ retirement programs and assists plan sponsors with plan design, administration, consulting, compliance testing analysis, and investment reviews. She joins the Woodside, CA office team, which manages over 90 client relationships totaling $7.5 billion in assets.
Former Assistant Secretary of Labor Preston Rutledge has launched The Rutledge Policy Group, a government affairs consultancy focused on retirement savings and employee benefits policy. Prior to heading up the EBSA, Rutledge was senior tax and benefits counsel on the Majority Tax Staff of the U.S. Senate Finance Committee; he is a sought-after speaker in the areas of retirement, health plans, taxation, and environmental, social and governance (ESG) investing.
OneDigital announced three new acquisitions: Resourceful HR, an HR consulting company; DS Benefits Group, a human capital management consulting firm; and Advanced Benefits Concepts, acquired by Kistler Tiffany Benefits, a OneDigital company.
Nuveen is partnering with leaders in climate change research on an initiative for its investment professionals that will focus on how and where climate change may impact investment portfolios. To deliver the program, it is working with the UN-supported Principles for Responsible Investment’s Inevitable Policy Response initiative, a pioneering project preparing investors for the near-term policy response to climate change. Nuveen also is partnering with several leading climate research organizations helping to provide the firm with next generation data on physical climate hazards and their socioeconomic impact.
NFP announced its third central Texas acquisition of 2020: Hutch Hubby & Associates. The firm’s principal, L. Hutch Hubby, brings over 40 years of experience serving employers and executive leaders in the greater Austin market. Hubby joins NFP as vice president, reporting to Kevin Brown, managing director of NFP’s central Texas practice.
Molina Healthcare has entered into a definitive agreement to acquire substantially all of the assets of Affinity Health Plan. The purchase price is approximately $380 million. Molina intends to fund the purchase with cash on hand.
MetLife announced it has entered into a definitive agreement to acquire Versant Health from an investor group led by Centerbridge Partners and including FFL Partners for approximately $1.675 billion in an all-cash transaction. Versant Health owns Davis Vision and Superior Vision.Following the acquisition, MetLife will gain access to Versant Health’s roughly 35 million members, and MetLife’s existing customers will gain access to Versant Health’s extensive provider network.
Lockton Companies announced that Danielle Huston has joined the company as Senior Vice President. Huston will support the growth of Lockton’s Washington office and oversee the introduction of Lockton Benefits Consulting services to the local market. Previously with Propel Insurance, Huston has 20 years of industry experience on both the carrier and brokerage sides.
Group RHI changed its name to Definiti. Definiti brings together RHI, America’s 401k, PPA, Billings and Company, The Pension Studio and Merit Benefits Group into a unified organization to deliver 401(k) plan services, actuarial consulting and pension outsourcing. Definiti has more than $9.5 billion in assets under management. The company also recently announced the acquisition of Capital Retirement Plan Services and Boetger Retirement Plan Services. Both firms will be rebranded as Definiti at a later date.
CredSimple announced its new corporate brand identity: andros. It represents the union of CredSimple and Glenridge Health in January 2020 and is also the name of the company’s technology.
CloudPay has joined Ultimate Software’s UltiPro Connect Partners program. The new partnership gives CloudPay and Ultimate the ability to integrate their solutions to exchange data between the UltiPro HCM solution and CloudPay’s Global Payroll Platform.
Cigna announced Evernorth, a new brand for its health services portfolio. The Evernorth brand is anchored by Evernorth Health, Inc., a wholly-owned subsidiary of Cigna Corporation, and the parent company of the Express Scripts, Accredo, and eviCore companies. Tim Wentworth will serve as Chief Executive Officer.
CareFirst BlueCross BlueShield and MedStar Health announced the organizations are working together to offer value-based health care for the communities they collectively serve. The partnership will be led by a management team jointly staffed by CareFirst and MedStar.
Buck and MedEncentive announced a partnership to offer MedEncentive’s Mutual Accountability and Information Therapy (MAIT) Program as part of Buck’s employee health plan and also introduce the program to its clients.
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