Harbour Benefit Holdings Continues Expansion with New Acquisition
- Jun 24, 2020
- Related Investments
Leading Benefits Administrator Acquires Benefits Administration Corporation, Inc.
Harbour Benefit Holdings, Inc. (“Harbour”), formerly known as Zenith American Holding, Inc., announced today that it has acquired Maryland-based Benefits Administration, LLC, formerly known as Benefits Administration Corporation, Inc. (“BAC”). BAC joins Zenith American Solutions, Inc., Pacific Federal, LLC and Innovative Software Solutions, Inc. in providing services and technology to Taft-Hartley trust funds, trade associations, government entities and corporate employers across the United States. It is the second acquisition Harbour has completed in the past 12 months to expand its national footprint and extend its position as a leading U.S. third-party administrator and solutions provider.
Headquartered in Baltimore, Maryland, BAC specializes in health, welfare and retirement administration services to union trust organizations with a heavy presence in Maryland and Washington, D.C. Harbour’s addition of BAC to its family of companies expands its presence in the greater New England region and expands its client base.
“BAC and the Harbour Benefit family of companies share an impressive history of serving clients in this industry with more than 180 years combined. The companies also share a deep commitment to providing our customers with unmatched expertise and support,” said Craig Steffen, President, Harbour.
Joseph Swann, President of BAC, added, “As the BAC family joins the Harbour family, there is a high level of comfort and understanding that we are becoming part of a strong performing professional team, focused on customized solutions to meet and exceed our client expectations.”
Mr. Swann will continue to lead BAC and report to Craig Steffen. The acquisition is effective immediately. Financial terms are not being disclosed.
About Benefits Administration, LLC
Benefits Administration, LLC, formerly known as Benefits Administration Corporation, Inc. (“BAC”) is a full-service third-party administrator. Founded in 1979, the company specializes in health, welfare and retirement administration services to union trust organizations. BAC is headquartered in Baltimore, Maryland. For more information, visit www.bacorporation.com.
About Harbour Benefit Holdings, Inc.
Harbour Benefit Holdings, Inc. (“Harbour”), formerly known as Zenith American Holding, Inc., is a third-party administrative holding entity. The Harbour family of companies includes Zenith American Solutions (“Zenith”), the leading provider of third-party administration in the Taft-Hartley/multi-employer benefit fund market, Innovative Software Solutions, Inc. (“ISSI”), the leading provider of benefit administration computer systems and services to the Taft-Hartley industry, and Pacific Federal, LLC (“PacFed”), a full-service administrator of employee benefits via single-source direct services. For more information, visit www.zenith-american.com.
About Zenith American Solutions
Zenith American Solutions, Inc. (Zenith) has been providing high quality administrative services since 1944. With 45 offices across the country, Zenith manages benefit plans as a third-party administrator (TPA) serving over 900,000 health plan members and dependents, and over 925,000 retirement plan participants for Taft-Hartley trust funds, trade associations, government entities, and corporate employers. For more information, visit www.zenith-american.com.