Aon Affinity, the consumer, association and group program business of Aon Risk Solutions, today announced it completed on May 31 its acquisition of Access Plans, a marketing company specializing in turnkey, private-label membership benefit plans that provide discount products and services, protection benefits and retail services to more than one million customers in the United States and Canada. Aon Risk Solutions is the global risk management business of Aon plc.
Aon Affinity acquired Access Plans through the merger of a wholly owned subsidiary of Aon Affinity with Access Plans. This merger resulted in the acquisition of all of the outstanding shares of and options to acquire Access Plans' common stock for an aggregate consideration of $70.102 million in cash.
Aon Affinity focuses on providing custom insurance and risk management programs to more than 200 major professional associations and corporations, serving 16.5 million individual customers.
Access Plans is the nation's largest membership plan provider in the specialty rent-to-own market space. The company bundles a broad range of insurance and non-insurance products and services - from discounted medical, dental, vision and pharmacy services to groceries, restaurant meals and hotel rooms. These plans are sold to consumers primarily through more than 300 retail and rent-to-own businesses. Access Plans is expected to add approximately $18 million of revenue to Aon's financials.
"The completion of this acquisition immediately expands the footprint of Aon Affinity. Access Plans' consumer discount products will help us build relationships with new channel partners, resulting in differentiated offerings," said Bill Vit, president of Aon Affinity. "With Aon's breadth and depth of expertise, we are ready to help Access Plans' legacy clients manage their business risk with the advice and offerings available through Aon Risk Solutions."
Danny Wright, chairman and chief executive officer of Access Plans, added, "As a wholly owned subsidiary of Aon Affinity, Access Plans clients will have greater options as they benefit from the resources of the leading risk advisory in the world, Aon Risk Solutions."
Access Plans' existing complementary product and service portfolio across diversified affinity and discount product buyers will provide for cross-sell opportunities, including the marketing of Access Plans products and services to new clients as well as the marketing of Aon Affinity's offerings to Access Plans clients.
The executive team and administrative staff of Access Plans will remain in their Norman, Okla. and Irving, Texas locations. With the addition of Access Plans' 70 colleagues, the Aon Affinity team now has 1,270 U.S.-based colleagues. As a result of the transaction, Access Plans is no longer a publicly traded company and its common stock is no longer quoted on the OTC Bulletin Board.
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