Farmington offers voluntary benefits to employees with an objective to unburden employers from any additional administrative work
Farmington acquired by Aon. (Credit: Lan56/Wikimedia Commons)
Professional services firm Aon has acquired The Farmington Company, a provider of enrollment solutions and voluntary benefits in the US, for an undisclosed price.
Based in Connecticut, Farmington is engaged in offering voluntary benefits to employees with an objective to unburden employers from any additional administrative work.
Founded by Bob Burke and Brad Collins in 1980, the company today has over 110 employees. Currently, the firm administers and caters to over 700 employers across the US.
Farmington’s role is to help the employers to focus on drawing and retaining talented personnel in their organisations by creating more customised benefit communication services and insurance products for supplementing employer-sponsored medical coverage.
Farmington CEO Doug Mantz said: “We are excited to combine Aon’s scale and expertise in voluntary benefits and enrollment solutions with The Farmington Company’s business model to create new sources of value for clients. Together we can strengthen and expand the client experience.”
Aon expects the acquisition of Farmington to strengthen its offerings, especially among voluntary benefits, lifestyle products, and consolidated billing, while providing additional human capital enrollment solutions.
Farmington acquisition to strengthen Aon’s VBES business
Aon voluntary benefits and enrollment solutions US practice leader Gregory Morano said: “As part of the Aon United growth strategy, The Farmington Company will strengthen our firm’s growing Voluntary Benefits and Enrollment Solutions (VBES) business, which has fueled growth by delivering new sources of value to clients.
“The Farmington Company’s lifestyle products, premium reconciliation and total voluntary benefit management and customer service models are complementary strengths that fill a need within VBES and position Aon to be highly competitive in the market.”
Aon has been engaged in offering a range of risk, retirement and health solutions across the world. In March 2020, the professional services firm signed an all-stock deal worth about $30bn to acquire Willis Towers Watson with an aim to create one of the largest insurance brokers in the world.