OneDigital Health and Benefits has acquired brokerage Veritas Risk Services and plans to continue expanding over the next one to two years, the company said.
The acquisition will give Veritas clients access to OneDigital’s in-house ERISA attorney, HR consulting, and custom benchmarking and human resources information solutions, the company says about the deal. Doug Truax, managing principal at Veritas, Bob Walsh, principal, and the firm’s regional vice presidents will continue to serve clients in the Midwest region.
“They give us a national footprint and the additional employee benefits, group retirement and HR services resources to become the leading benefits firm for the middle market in Chicago,” Truax says of the acquisition in a statement Thursday. The amount of the purchase was not disclosed.
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The deal is the latest in a stream of insurance brokerage mergers and acquisitions.
The industry hit its highest number of deals last year, rising to 626, according to data from consulting firm Optis Partners. Timothy J. Cunningham, managing director of Optis, told Employee Benefit Adviser that he expects mergers and acquisitions will continue to gain ground.
“I don’t see any reason for it slowing down,” he told EBA in January. “I think valuations are their peak, they’ve inched up every quarter.”
Based in Atlanta, OneDigital has more than 1,500 employee benefits and human resources strategists at more than 80 offices throughout the country. OneDigital currently serves more than 44,000 employers.
“Expanding our team in the Chicago area is an exciting step for OneDigital. Not only do Doug and his team at Veritas have a strong reputation for building and advising on employee benefits in the area, but culturally they are the ideal fit for our organization,” Bill Carew, executive vice president of Sales and Operations at OneDigital says in a statement.
