INSURICA is pleased to announce their sixth acquisition of the year: Employer Solutions Group. Based in Austin, ESG is a leading provider of Employee Benefits programs throughout Texas.
“Michael Bakonyi and Thomas Seuthe have an amazing track record in the employee benefits space. Their expertise is matched only by their sincere enthusiasm to help clients attract and retain the best talent through well-designed programs,” said Mike Ross, INSURICA CEO.
“Our team is excited to be a part of INSURICA,” commented Michael Bakonyi, President of ESG. “Since our first meeting, we’ve recognized the synergies that exist between our two agencies and we’re thrilled at the opportunities that lie ahead.”
Talks initially began between ESG and INSURICA at the request of Austin Branch Manager, Devin Stewart. Soon the entire ESG team will be joining Stewart, relocating to INSURICA’s Austin office complex.
The merger was handled internally with a team led by John Hester, Sr. VP of Mergers and Partnerships. Financial due diligence was performed by INSURICA CFO, Ed Young, and Enterprise Controller, Amy Herboek. The effective date for the deal is June 1, 2018.
With annual revenues topping $100 million, INSURICA employs over 530 employees in 30 offices located throughout Oklahoma, Texas, Arkansas, Colorado, Arizona, and California.