Ameritas Life Insurance Corp. announced Monday the purchase of a Florida-based retirement plan company.
The Lincoln-based company said it bought BlueStar Retirement Services Inc., of Ponte Vedra Beach, Florida, in a deal that closed Thursday. Terms of the sale were not disclosed.
BlueStar is a third-party administrator and record-keeper of company retirement plans, including 401(k) plans and multiple employer plans. The company serves about 75,000 participants and administers more than $4 billion in plan assets.
Ameritas said BlueStar will operate as a subsidiary, and sales and service teams from both companies will collaborate to ensure no customer disruption.
Ameritas already has a large presence in employee benefits, offering life, dental, vision and disability insurance products, as well as retirement plan management.
"Bringing us together creates opportunities to serve more people, drive growth and continue building the momentum in our retirement plans business," Bill Lester, Ameritas president and CEO, said in a news release.
Owner Bob Missel said he’s seen a “tremendous” shift to online, warehouse and direct-to-consumer purchasing. “I never thought my vendors would go into competition with me, but they have, and so the dynamics have changed.”