Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
USI Insurance Services (USI) announced the closing of the acquisition of Oscar & Associates (Oscar & Associates) headquartered in West Caldwell, N.J.
According to a release, terms of the transaction were not disclosed.
Through strategic alliances with group medical and ancillary providers, Oscar & Associates is a wholesale broker that designs, communicates and implements benefit solutions to enhance employee satisfaction while maintaining employer fiscal responsibility. Oscar & Associates will be combined in Emerson Reid (ERC), USI's benefits wholesale operation that is headquartered in New York City, the company said
Arthur W. Hall, chief executive officer of Emerson Reid, said: "With this acquisition, we have attained seasoned insurance veterans who share in our goal of protecting and growing the broker's business. Their reputation for staying ahead of the curve on market changes and delivering superior resources is impressive, and is a perfect complement to our strategy of delivering unparalleled service and support to our brokers. I am pleased to welcome Oscar & Associates to ERC."
"Our philosophy is to create a strong infrastructure of broker support service to allow our agents to maximize their time, efficiency and earning potential," said Richard E. Oscar, president of Oscar & Associates. "This acquisition enables us to leverage our staff's talents with ERC's tremendous presence in general agency contracts and to further cultivate our benefits solutions in the marketplace. We are excited to be joining USI, and I look forward to extending ERC's footprint with Arthur and his team."
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