This is The Friday GAB, a weekly roundup of all the things happening in the group benefits industry. Send me your news and updates to firstname.lastname@example.org
Short and sweet this week.
First up AON shared they have "identified a cyber incident impacting a limited number of system". They are still assessing and are careful to call it an "incident". AON does not expect the incident to have a material impact on business.
GSC has been a busy beaver. They are continuing their expansion endeavors with acquisitions of NKS Health and The Health Depot. Making them the first health an dental benefits provider to own a pharmacy. Interesting to note the activity in the pharmacy space. There are a couple of PBM's that own and operate pharmacies. There have been investments in digital pharmacies like PocketPills and this space has growing competition.
Keeping in the M&A news, Empire Life has announced that they have purchased 6 financial services firms. The companies have been amalgamated into one wholly-owned subsidiary of The Empire Life Insurance Company under the name TruStone Financial. The 6 firms are not in the group space, but important to watch as Empire Life certainly is. This isn't the first time we have seen insurers purchase MGA's.
That's it for this week's happenings in and around the employee benefit space.