DES MOINES The insurance company Principal Financial Group has purchased Executive Benefit Services Inc., a Raleigh N.C.-based specialist in the marketing, sale, implementation, and online administration of nonqualified executive benefit programs.
Bob Duncan, senior vice president of Principal Financial, said Executive Benefit Services ability to download account values to qualified and nonqualified plans alike with only a 20-minute lag is important to end-to-end processing in our world.
Though Executive Benefits is now wholly owned by Principal, it will continue to operate independently and is keeping its name.
The purchase was announced Jan. 23. The price was not disclosed.