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National Insurer Purchases Escondido-Based The Plan Handlers

National Insurer Purchases Escondido-Based The Plan Handlers

Central Benefits Mutual Insurance Co., a national insurer and benefits administrator headquartered in Columbus, Ohio, acquired The Plan Handlers Inc. of Escondido. Terms of the acquisition were not disclosed.

The Plan Handlers provides benefits administration for 66,000 employees and had 2003 revenue of $4.7 million. The company has grown from two clients and five employees in 1993 to 50 clients and 80 employees.

The company’s name will not be changed and no layoffs are planned, according to Central Benefits spokesman Jim Morrison.

“This partnership provides the funding, technology, and business relationships which are needed to improve the quality of The Plan Handlers’ products and the efficiency in which we deliver our products to the customer,” said Denyce L. Cooper, president of The Plan Handlers, in a media release.

Central Benefits reported $51 million in 2003 revenue and is projecting 2004 revenues in excess of $55 million.

The company provides comprehensive group benefits administration services and group life insurance coverage, as well as individual Medicare supplement insurance products.

, Mandy Jackson

Two San Diego Insurance Brokers Shake Hands, Merge Companies

Randall-Louis Insurance Brokers in Carlsbad and G.S. Levine Insurance Services Inc. in Sorrento Valley have merged their companies.

Financial terms were not disclosed.

Both offices will be maintained and neither firm will change its name. Eventually Randall-Louis’ letterhead and business cards will read Randall-Louis Insurance Brokers, a G.S. Levine Co., according to Chris Clark, G.S. Levine’s vice president of sales, marketing, and acquisitions.

Clark said no layoffs are planned. With the addition of Randall-Louis’ seven staff members, G.S. Levine now has 50 employees.

“Hopefully the change will be transparent to their clients,” he said. “Randall-Louis clients will benefit from the fact that we represent more insurers.”

G.S. Levine also offers additional services, such as in-house risk managers. The insurance brokerage writes both personal and business insurance policies throughout Southern California. About 90 percent of its clients are businesses.

Clark said it took 10 months for G.S. Levine to find a firm to acquire and negotiate the terms. The company was intent on acquiring a firm with a matching culture, he said.

, Mandy Jackson

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