LITTLE FALLS, N.J., March 1 /PRNewswire/ — BISYS announced today its acquisition of The Advanced Markets, LLC (TAM) and the related PJ Robb Companies. The Tennessee-based wholesale distributors of life insurance products and services for the high-end clients of brokerage firms,financial institutions, and independent agents currently supports more than 5,000 financial advisors and independent agents. Terms of the transaction were not released.
This acquisition will enable BISYS to capitalize on TAM’s strong,institutional relationships; and will enhance BISYS’ presence and marketpenetration in the Southeast. The acquisition of TAM also will increase BISYS’ competitive advantages in the tax planning and business continuation markets, two of TAM’s core competencies, and will enhance BISYS’ ability to support the broker/dealer wirehouse market with TAM’s proven expertise.
In turn, BISYS’ geographical synergies will expand the support services and infrastructure available for TAM’s clients. BISYS’ alliances with more than 200 insurance companies and the resulting ability to provide access to the industry’s most comprehensive portfolio of insurance products will also strengthen these client relationships. BISYS’ industry-leading web capabilities, including online case status and competitive quoting, and its premier agency management system for back-office case processing and administrative support will enhance TAM’s technology-based capabilities.
According to Lynn Mangum, chairman and CEO of BISYS, “The core competencies of BISYS and TAM are ideally compatible and will mutually benefit our respective clients. The acquisition of TAM will immediately enhance BISYS’ sales strategy for the high-end insurance marketplace, and will provide value-added support for the retail broker/dealer community.”
“We are sincerely excited to join BISYS. In the financial services industry, there is an explosion in the number of high-end clients seeking advanced insurance solutions; and expecting the value-added, customer-tailored assistance that our combined organizations can now uniquely provide,” concluded Bruce Harrison, president of The Advanced Markets, LLC.
TAM has consistently expanded its geographical presence and extensive client base during its 30-year history.
About BISYS’ Insurance Services
BISYS is the nation’s leading distributor of life insurance and the industry’s premier provider of the support services required to sell annuities and life, long-term care, disability, and special risk insurance products. Alliances with more than 200 insurance companies, including the industry’s leaders, and the unrivaled experience gained from supporting more than 100,000 agents, enable BISYS to fully customize its outsourcing solutions and provide the specific services required by each client’s distinct business objectives.
BISYS’ comprehensive array of services includes agent contracting, marketing support, advanced case design, application processing, medical underwriting, commission reconciliation, and policy owner services.
BISYS pioneered the insurance industry’s most advanced, interactive website designed to streamline the delivery of insurance products. This powerful online resource enables BISYS’ producers to generate real-time competitive quotes, download carrier software, research critical carrier and case data, review product specifications, and more. This web site also is linked to the industry’s preeminent agency management system which supports multiple insurance companies in a Windows®-based, client/server environment.
BISYS’ expanded Internet-based solutions also provide agents with customized web sites intended to increase productivity and streamline customer communications; and support insurance professionals, broker-dealers, and investment advisors with interactive access to all state-specific licensing, compliance, and continuing education requirements that directly reinforce their unique business strategies and market demands.
The BISYS Group, Inc., headquartered in Little Falls, N.J., supports more than 15,000 financial institutions and corporate clients through three integrated business units. Its Investment Services Group administers and distributes more than 90 families of mutual funds representing approximately $325 billion in assets and more than 1,100 portfolios, provides retirement plan services to approximately 11,000 companies in partnership with 14 of the nation’s leading bank and investment management companies, and offers investment industry consulting services. The Insurance and Education Services Group provides distribution solutions for annuities and life, long- term care, disability, and special risk insurance products; offers certification and continuing education training for insurance and investment professionals; and provides licensing-related software products and services. BISYS’ Information Services Group provides information processing and check imaging solutions to approximately 1,000 financial institutions.
BISYS is uniquely positioned as the only single-source integrator of investment, insurance, and banking solutions; and a leading provider of contemporary Internet- and browser-based products and services.
Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological factors affecting the Company’s operations, markets, services and related products, prices and other factors discussed in the Company’s periodic filings with the Securities and Exchange Commission.