RGEB Employee Benefits has acquired three lines of insurance business from two firms that specialize in affordable health plans.
RGEB, a Canoga Park insurance brokerage, bought the individual, Medicare and group-health insurance book of business from A.A. Friss Insurance Services and Alan S. Pearlstein Insurance Services, both in Encino.
Financial terms of the acquisitions announced this week were not disclosed.
Together, the acquisitions will boost RGEB revenue about 40 percent, according to the company. RGEB will gain about 120 group insurance clients and 475 Medicare or individual clients. Al Friss and Alan Pearlstein will work with RGEB as consultants, and Cherise Hermann, a 30-year employee with Friss, has joined RGEB as an account manager.
“Strategically, these acquisitions align with our business growth goals in the greater Los Angeles area and represent an important step in our mission of becoming the premier employee benefits firm for small and medium-sized businesses in California,” said RGEB Chief Executive Barry Cohn, in a statement.
RGEB reported having 12 agents and collecting premiums of $25 million last year in the Business Journal’s list of insurance brokers in the greater Valley.