OneDigital buys St. Louis-based HM Employee Benefits and Risk Management
One Digital, an insurance brokering and HR consulting firm, has acquired HM Employee Benefits and Risk Management (HM), a St. Louis-based insurance broking and consulting firm.
Founded in 1991, HM works with companies to meet their needs in insurance, risk management, and employee benefits. The firm brokers insurance in property & casualty (P&C), employee benefits, personal, specialty, and industry-specific areas.
HM is a top 100 broker on the 2020 Hales Report, and serves clients in all 50 states and more than 60 countries. The firm has 130 employees.
OneDigital’s acquisition of HM will add P&C brokering capabilities to the firm for the first time.
“OneDigital has been a rarity in the business as one of the few employee benefits-only firms, but as we decided to expand our business, we needed a partner who was aligned in our people-first culture and was open to building the future of P&C together,” said Mike Sullivan, cofounder & chief growth officer at OneDigital. “Mike Shanahan and the team at HM had the leadership, depth, and P&C acumen, along with the culture to fit into that ecosystem.”
OneDigital was advised on the transaction by M&A consultancy Waller Helms, while HM was advised by Dowling Hales.
“I’m thrilled HM and our employees have joined the OneDigital family to bring a new element of service with P&C to such a well-respected player in the benefits market,” said Mike Shanahan, chairman, president, and CEO of HM. “This merger with OneDigital provides us the opportunity to enter on the ground floor with a seat at the table for a rapid build in the multiline agency space.”
OneDigital expects to build on the acquisition with the addition of further multiline firms in the years to come.
Headquartered in Atlanta, OneDigital delivers employee benefits (health and ancillary, dental, vision, etc.) brokering, holistic HR consulting, employee wellbeing, and pharmacy consulting, as well as retirement and wealth management services through subsidiary OneDigital Investment Advisors.
The firm has more than 2,400 professionals across 100+ offices in the US, and serves more than 60,000 employers.
OneDigital in 2019 acquired Northwestern Benefit, the largest privately held benefits broker in Georgia, as well as Veritas Risk Services and Cherry Creek Benefits.
