BISYS announced today it had acquired Washington-based Select Insurance Marketing Corporation (SIMCO), an insurance brokerage firm specializing in the wholesale distribution of long-term care insurance. Terms of the transaction were not disclosed. BISYS is looking to expand its portfolio of life-related insurance products, which are now being sold through a national network of more than 100,000 intermediaries. SIMCO has a strong franchise on the West Coast of the US.
“Long-term care insurance is one of the fastest growing insurance lines,” says Dennis Sheehan, president and chief operating officer of BISYS. “And the demand continues to increase, as Americans, who are living longer than ever, need to preserve their estates while assuming more responsibility for their own care. SIMCO is extremely successful supporting independent agents and financial planners with competitive long-term care insurance products. We expect the integration of our complementary expertise and products will generate a best-of-breed long-term care solution that will enable our collective distribution network to compete more aggressively and increase sales.”
Lee Brooke, founder and owner of SIMCO, adds: “Joining BISYS and accessing the multiple lines of insurance it distributes through its relationships with more than 200 of the industry’s most highly rated carriers will generate material cross-sale opportunities for the producers we support. The ability to leverage BISYS’ technology-driven sales and back-office services also will enhance the operating efficiencies and service levels of these distribution partners.”
This acquisition is BISYS’s fifteenth insurance-related acquisition since 1996, and continues the expansion of its fastest growing business line. BISYS now links over 100,000 insurance salesmen with products manufactured by more than 200 insurance companies, and provides sales and back-office support services, including agent licensing, contracting, and continuing education compliance; sales support; advanced case design; application processing; underwriting assistance; commission reconciliation; and policy owner services.