Hunt Valley-based PSA Insurance & Financial Services, Inc., a leading regional financial services firm specializing in employee benefits, risk management, wealth management and fiduciary consulting for employer-sponsored retirement plans, has announced a merger with Armada Employer Services, the retail Employee Benefit Consulting and HR Services division of ArmadaCorp.
Armada Employer Services, headquartered in Hunt Valley, Md., is a leading regional provider of strategic employee benefits consulting and customized HR support services, including a unique integrated approach to HR and benefits that uses both technology and talent-based solutions.
As part of the agreement, PSA has also entered into a long-term strategic relationship with ArmadaAdministrators, a separate third party administration division of ArmadaCorp. Through this strategic agreement, Armada Employer Services clients will continue to enjoy access to Armada’s comprehensive benefits administration services that uniquely leverage ADP’s Major Account payroll and HRIS platforms known as Workforce Now. These powerful Armada capabilities will also now be available to PSA clients.
Armada Employer Services staff will soon be housed within PSA headquarters in Hunt Valley, Md. The business entity will run with their existing client support personnel and will operate as a separate unit under the new name PSA Employer Solutions within the employee benefits division of PSA.
“We are thrilled to be combining forces with Armada’s Employer Services division and are excited about the unique value proposition they offer around strategic employee benefits consulting and HR support services and the HR/Benefits technology of ArmadaAdministrators,” said Ken Huber, Senior Vice President of PSA’s Employee Benefit Group. “Through this marriage and ongoing partnership with Armada, we are excited to be able to provide a broader array of services and support for our clients, specifically in the areas of HR services and technology solutions.”
“This merger means we’ll now have access to deeper and broader resources, services and expertise that will greatly benefit our clients,” said Randall Singer, Practice Leader at PSA Employer Solutions. “PSA’s position and reputation as a market leader in the financial services and employee benefits arena makes them a perfect fit for our organization and our clients.”
This change will allow ArmadaCorp to focus all its resources on developing its ArmadaGlobal divisions, including ArmadaAdministrators. “We are also highly focused on growing ArmadaHealth, our international health care services business,” said Keith Sullivan, Co-Founder and Managing Partner of ArmadaCorp. “And we’re currently expanding our supplemental insured products division, ArmadaCare, which includes a powerful medical reimbursement program underwritten by Transamerica companies and marketed nationally as Ultimate Health.”
PSA Merger Quick Facts
· This merger increases PSA’s employee benefits portfolio by 30 percent, adding approximately $3 million in revenue, making PSA’s employee benefits practice a $13 million operation and PSA’s overall revenue approximately $30 million.
· Armada Employer Services brings their portfolio of predominantly mid to large market clients, servicing over 10,000 employees.
· This is PSA’s 17th merger since 2005 and their largest since merging with Alliance Benefit Group in July 2008. In March of this year, PSA also welcomed Councill to their team, an independent risk management and insurance partner.
· This merger fits into a larger vision for PSA to continue to pursue growth opportunities both organically and through strategic mergers and partnerships. It is also PSA’s vision to expand their employee benefit solutions by offering HR technology and solutions and to grow and expand their partnership with ADP.
For media inquiries relating to the merger or PSA Insurance & Financial Services, contact Josie Hankey at 410-420-2001 or by email at Josie.Hankey@FallstonGroup.com. For media inquiries regarding ArmadaCorp, contact Keith Sullivan at 410-308-6040 or by email at ksullivan@ArmadaGlobal.com.
In business to protect and grow the assets of their clients since 1928, PSA is the mid-Atlantic’s leading independent multi-disciplined financial services firm specializing in risk management, employee benefits, fiduciary consulting for employer sponsored retirement plans and wealth management. With vast knowledge, experience and resources, PSA delivers national caliber capabilities to clients with the attention of a local partner. To learn more, visit www.psafinancial.com.
ArmadaCorp, which operates as ArmadaGlobal, is an insurance and health care services business that creates specialty employee benefits products and services. ArmadaGlobal focuses on bringing new innovations to market that result in product differentiation for businesses, associations, insurance carriers and other clients. ArmadaGlobal’s divisions include ArmadaCare, which develops, manages and distributes specialty supplemental benefit solutions; ArmadaHealth, which provides a number of health care specialty advisory services that objectively guides members to the top physician specialists for their specific condition; and ArmadaAdministrators, which provides carrier back office and claims administration for supplemental insurance programs and integrated benefits administration services for employers. To learn more, visit www.ArmadaGlobal.com.