SMS has relationships with about 65,000 agents.
Alliant Insurance Services — a Newport
Beach, California-based property and casualty insurance distributor — has
agreed to acquire Senior Market Sales (SMS).
SMS is an Omaha, Nebraska-based distributor of
life insurance, health insurance, travel insurance, long-term care insurance
and annuity products aimed at people ages 60 and older.
Milton Kleinberg, a longtime insurance agent
and general agent, started SMS, as a Medicare supplement insurance agency, in
1982. He brought his son, Hershel Kleinberg, in as chief technology officer, in
1997. Jim Summers became the president.
The company now has about 300 employees and
relationships with about 65,000 agents. It offers agents training services,
technical support services and marketing support services.
SMS sales trainers have written many articles
for trade publications over the years.
About a year ago, SMS positioned itself as a
company that had an in-house Medicare plan database that could help agents cope
with problems with an update of the official Medicare Plan Finder system.
Federal Life Group recently began working with
SMS to roll out a series of new Medigap products.
The would-be buyer, Alliant, is known as an
enthusiastic acquirer of sales talent. Aon and Wells Fargo, for example, have
gone to court in some cases to try to keep Alliant from luring producers away.
Alliant is not saying what has agreed to pay
for SMS, but it says that it intends to make SMS part of its employee benefits
group.
After the deal is completed, SMS will keep its
name, its staff and its headquarters, according to Alliant.
Tom Corbett, the chief executive officer of
Alliant, said in a comment about the deal, which was included in the deal
announcement, that acquiring SMS will help Alliant provide brokers and their
clients with services beyond today’s employee benefits.
“This solidifies our commitment to a
full-service benefits platform and diversifies our offerings with innovative
new technologies, tools, and resources that will further enhance our products
and services to agents across the U.S.,” Corbett said.
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