Regions Insurance, a subsidiary of Regions Insurance Group, has acquired US-based employee benefits and consulting firm, The AI Group.
The AI Group provides employee benefits consulting and insurance brokerage services focused on mid-sized and large employers throughout the US.
The managing partners of The AI Group, Dave Woodruff and Dan Murphy, have joined Regions Insurance through the acquisition, as have 39 associates from the firm.
Woodruff and Murphy will facilitate the firm’s integration activities and will play key roles in the ongoing employee benefit operations in Georgia.
The acquisition follows recent expansion activity by Regions Insurance recent expansion activity, which has been led by the firm’s chief executive officer for Georgia/South Carolina, Mike Breedlove. It will see Regions Insurance’s associate numbers increase to more than 100.
Curren Coco, chief executive officer of Regions Insurance Group, said: “The Ai Group has many years of experience providing large group employee benefits expertise to companies nationwide in a customised and strategic manner.
“We are pleased to welcome The AI Group to Regions Insurance as we continue to expand our presence and capabilities to meet the needs of a diverse group of clients.”
Dave Woodruff, managing partner and co-founder of The AI Group, said: “Since our beginning over 25 years ago, our team has had the opportunity to help our clients navigate the many changes in the insurance, regulatory and employee benefits space.
“Properly managing these changes for our clients has allowed us to grow and become one of the largest benefits consulting firms in the south-east.
“Regions Insurance shares our commitment to creating a culture of integrity, creativity, customer service, and a positive work environment for associates. We are excited about the opportunity to contribute to such a dynamic and growing company.”
Dan Murphy, managing partner and co-founder of The AI Group, added: “Combining with Regions Insurance will allow us to expand our focus on providing employee benefits consulting services to meet our clients’ unique needs. This move will allow both of our firms to achieve more together than we could separately, and I’m pleased that The AI Group will become part of a growing and diversified financial services company.”
Regions Insurance, Regions Insurance Group, The AI Group, Dave Woodruff, Dan Murphy, Curren Coco, Mergers & Acquisitions North America