Mutual Med becomes part of BenefitMall — which is merging with CRC Group
BenefitMall, a leading insurance brokerage firm based in Dallas, has acquired Mutual Med, a Davenport-based insurance distributor that provides sales counseling and support for benefits agents serving large groups, small groups and individuals. In early August, BenefitMall also signed a definitive agreement to merge with CRC Group, a Birmingham, Ala.-based wholesale specialty insurance distributor. BenefitMall officials said its acquisition of Mutual Med will provide employer clients of both companies with access to a wider range of carriers and networks. Mutual Med will keep its name and operate as a division of BenefitMall, under the continued leadership of Mutual Med’s president and CEO, Todd Vershaw. In addition to serving current BenefitMall markets of Georgia and Texas, the acquisition adds new markets of Alabama, Illinois, Iowa, North Carolina, North Dakota, South Carolina, South Dakota and Tennessee to BenefitMall’s service territory. Their combined presence provides service in 24 states to agencies selling in 48 states. Under the merger agreement with CRC, BenefitMall will become CRC Group’s employee benefits source within the company’s Life, Retirement, and Benefits Division, which was created in July 2021. BenefitMall will retain its brand name under the continued leadership of the company’s current management team. With the addition of BenefitMall, CRC Group is projected to place more than $31.5 billion in premiums annually and employ more than 5,100 teammates throughout North America. The merger transaction is expected to close in the third quarter of 2022, subject to satisfaction of customary closing conditions.