ORLANDO, Fla.--(BUSINESS WIRE)--The Newport Group, Inc. and its affiliates announced today that it will be acquiring the Greensboro, NC operations of Clark Consulting, LLC, and its broker-dealer Clark Securities, Inc. The transaction is expected to be completed in 30 to 60 days, subject to customary regulatory approvals.
This will make Newport the largest administrator of bank-owned life insurance (BOLI) and corporate-owned life insurance (COLI) in the nation.
“We are excited about the opportunity to leverage our combined capabilities and best practices, which will provide our clients with deeper resources and service offerings,” said Newport President Peter Cahall. “Clark Consulting has been an innovative leader in BOLI and COLI service for decades, and we look forward to welcoming their Greensboro team to Newport.”
In combination with the Clark business, Newport’s COLI/BOLI client assets will rise to more than $65 billion. Newport will maintain its current office in Greensboro, while exploring opportunities to leverage the combined COLI and BOLI operations. Following the closing of the transaction, the Clark business will continue to be serviced by the same team, providing for a seamless transition.
“This acquisition is part of our broader strategy to position Newport and our affiliate Verisight as leading providers in retirement, insurance, and consulting services,” Newport Chief Executive Officer Greg Tschider said. “Not only does this firmly establish Newport as the leader in the BOLI marketplace, it better positions our organization for continued growth across all of our business lines.”
About The Newport Group
The Newport Group is one of the leading independent retirement service companies in the United States. Newport works closely with advisors to provide employers with a complete array of retirement solutions, corporate insurance services, and consulting services. Together with its affiliate, Verisight, Inc., the firm has approximately 1,000 associates across the nation, more than 9,500 plans with over 975,000 plan participants, and services more than $120 billion of corporate client assets. For more information, visit www.newportgroup.com.
