One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, recently announced the acquisition of SelmanCo, a leading third party administrator and broker offering life, supplemental health and related products and services to associations, credit unions, banks, employers and insurance companies. Dowling Hales acted as the exclusive financial advisor to SelmanCo and Jones Day provided legal representation for the transaction. One80 Intermediaries was represented by Ropes & Gray. Terms of the deal were not disclosed.
SelmanCo has been in business for over 40 years and operates throughout the U.S. and Canada with headquarters in Cleveland, Ohio. The company enjoys long-term partnerships with over 55 insurance companies and maintains $300 million of annual insurance premium under administration. SelmanCo provides insurance services to more than 1.3 million customers, and serves over 800 financial institutions, 2,100 employers and 70 affinity groups.
“One80 Intermediaries is excited to further expand our presence in the affinity market. We have been impressed with the SelmanCo’s market leading administrative services in the employee benefit space, as well as the company’s supplemental health insurance offerings provided to retired members of the United States Armed Forces and their families,” said Matthew F. Power, President, One80 Intermediaries.
“We are pleased to join One80 Intermediaries as we are confident that our partnership will enable us to continue to grow in a nimble and efficient manner. Further, the One80 platform will provide enhanced opportunities for our employees and expanded services to our clients and customers with the continued adherence to the values that have made us successful,” said David Selman, Managing Director at SelmanCo, a division of One80 Intermediaries.