Further bolstering the Hylant Group Inc.'s position as a leading employee benefits broker and consultant, the firm has acquired AGIS, an independent, full-service employee benefits agency with offices in Birmingham, Michigan, and Orlando and Jacksonville, Florida.
While financial terms of the transaction, announced June 12, were not disclosed, the companies reported that AGIS' Birmingham office will transition to Hylant's Detroit office, bringing additional expertise and experience to Toledo, Ohio-based Hylant's expanding southeast Michigan operation and making Hylant one of the largest employee benefit operations in that state.
Hylant acquired AGIS's Indianapolis office in 2011 and embarked on a corporate restructuring strategy this year.
Founded in 1978, AGIS has more than 1,000 clients and 75 employees producing less than $20 million in revenues. Hylant, founded in 1935, is a full-service insurance brokerage with 14 offices in Ohio, Michigan, Illinois, Indiana, Tennessee and Florida. Hylant's combined property/casualty and employee benefits premiums total more than $1.25 billion.
As a result of the acquisition, AGIS clients will now have access to the full range of resources available to them through Hylant's employee benefits practice, as well as Hylant's other risk and industry specialty practices, including property and casualty, risk management and insurance services, the company said in a statement.
"The acquisition of AGIS demonstrates our commitment to the employee benefits space. Our clients will continue to need access to consulting expertise and services as the landscape of health care and employee benefits services continue to evolve," said Michael Hylant, CEO of Hylant Group, in the statement. "The level of leadership, talent and company culture of AGIS supports our plans for strategic growth in our existing offices and our new Orlando and Jacksonville locations."
"Joining the Hylant family broadens the scope of services we are able to provide to both our existing and new clientele. The strength of our merged teams results in a greatly expanded pool of talent from which to draw and apply expertise to the insurance needs facing employers in Michigan and Florida," said Andria Herr, national president of AGIC, also in the statement.