Bisys Group, a leading provider of mutual fund services to banks, has acquired the Underwriters Groups, a company that helps banks and independent agents sell life insurance, for $17 million.
"We think that the Underwriters Group will allow us to provide bank clients with a range of insurance products and processing support," said Robert J. McMullan, chief financial officer at Bisys, Little Falls, N.J.
Based in Harrisburg, Pa., the Underwriters Group acts as wholesaler for life insurance companies. It carries annuities, term insurance, and estate planning products from more than 70 companies.
The acquisition, Bisys said, will enable Bisys to provide banks that sell insurance with agent licensing management, marketing and proposal support, application processing, and commission accounting and processing.
Bisys exchanged 491,310 shares of stock for all the issued and outstanding shares of the Underwriters Group, and said it will take a $1 million transaction charge against fourth quarter earnings.