Nyhart Acquires Texas CompanyPosted: Updated:
An Indianapolis-based actuary and benefit consulting firm has announced its fifth acquisition in three years. Nyhart has acquired Houston-based Frederick Bass & Co. Inc. Chief Executive Officer Thomas Totten says the deal accelerates Nyhart's growth into Texas and the central states. September 5, 2013
September 5, 2013 (Indianapolis) – Nyhart, one of the nation’s fastest growing independent actuary and employee benefit consulting firms, announced today the acquisition of Houston-based Frederick Bass & Co., Inc. (FBCI). The acquisition is the fifth for Indianapolis-based Nyhart in three years. Nyhart now advises clients with more than $16 billion in plan assets.
“We are experiencing an incredible amount of momentum right now and this acquisition will accelerate our growth into Texas and the Central States,” said Thomas Totten, Nyhart CEO. “We recognized Houston as a critical market for us to have an office as we become a national actuarial firm. We expect this investment will solidify our role with existing clients throughout the region while kick starting our efforts to grow with an experienced, proven team.”
All members of the Houston-based team will join Nyhart, except for founder Fred Bass. Bass will be transitioning into a consulting arrangement with Nyhart at the end of this year once the merger is completed. He will continue to maintain his actuarial litigation support practice, based in Houston.
“I’m pleased to see my team join the Nyhart family where they can continue to thrive in their careers,” said firm president Fred Bass. Dan Homan, a senior actuary who has been with the firm since 2010 after a successful career at Wells Fargo Bank, has been promoted to the Director of Central States and will oversee Houston operations.
The expansion adds considerable expertise to Nyhart's existing team of actuaries, employee benefit administrators and consultants. "In particular, the FBCI team strengthens our existing university, healthcare and financial industry pension and defined contribution teams," said Lisa Hague, CFO of Nyhart. "These are three primary areas of growth for Nyhart in the coming years."
Clients of FBCI will see a smooth transition for their plan participants. "Nyhart's client-first culture and high standards in actuarial science gives me confidence that our clients will be in good hands," said Bass.
Financial details of the acquisition were not disclosed.