Univest Insurance Inc., a unit of Univest Corp. in Souderton, Pa., has announced the purchase of Liberty Benefits Inc., a full-service employee benefits brokerage and consulting firm specializing in comprehensive employee benefits packages for businesses with two to 500 employees.
The deal, which closed Monday, expands Univest's insurance business and increases its ability to deliver employee benefit solutions, the company said.
Liberty Benefits was founded in 2002 by Ronald R. Flaherty; it offers benefit products, plans, and value-added services such as Cobra administration, Section 125 plans, flexible spending accounts, and human resources information management software.
The brokerage is in Conshohocken, Pa., and has an office in Maryland. It serves clients throughout the Middle Atlantic region.
As part of the integration, Univest is to relocate the Conshohocken office's eight employees to its insurance offices in Lansdale and West Chester, Pa.
Liberty Benefits began operating Monday under the name Univest Insurance Inc. Its other office, with three employees, is to continue operating in Upper Marlboro, Md.
Univest Insurance is an independent insurance agency that sells property and casualty insurance; employee benefits; and life, health, and disability insurance for individuals, businesses, and nonprofits.
Univest Corp. was founded in 1876. It and its subsidiaries, Univest National Bank and Trust Co., Univest Insurance, Univest Investments Inc., and Univest Capital Inc., serve markets in Bucks, Montgomery, Chester, and Lehigh counties through 33 financial service centers, 12 retirement community financial service centers, and 39 automated teller machine sites.