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Segal (company)

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Segal
Company typeConsultancy
IndustryHuman resources, actuarial and benefits consulting
Founded1939 (1939)
HeadquartersNew York City, New York
Offices in the US and Canada
Key people
President and CEO: David Blumenstein; Chairman: Joseph A. LoCicero
Services
  • Retirement Consulting
  • Health Benefit Consulting
  • HR and Benefits Communications
  • Compensation & Career Strategies
Number of employees
1,100
Websitewww.segalco.com

Segal is a benefits and human resources consulting firm headquartered in New York City, with 1,100 employees throughout the U.S. and Canada.[1] It is the parent of Segal Marco Advisors, Segal Select Insurance Services, Inc., and Segal Benz.[2]

History

[edit]

Segal was founded in 1939 by Martin E. Segal as the Martin E. Segal Company in New York,[3][4] which provided consultants and actuaries for employee benefit plans.[4]

In 1969, the company founded Segal Advisors as its investment consulting unit. In 1991, the company’s name was shortened to The Segal Co. When Segal acquired Rogerscasey in 2012, the name of the investment unit changed to Segal Rogerscasey.[3][5]

In 2013, Segal’s Fiduciary Liability Insurance Practice was incorporated as the insurance brokerage subsidiary of Segal and renamed Segal Select Insurance Services, Inc.[6]

In 2016, the firm announced the upcoming acquisition of the Marco Consulting Group.[7][8] The acquisition became effective January 1, 2017, and Segal Rogerscasey became Segal Marco Advisors.[7][8] The new group had combined advisory assets of more than $500 billion.[7][8]

In 2019, Segal’s communication practice combined with recent acquisition Benz Communications to form Segal Benz.[2]

In 2020, Segal acquired LRWL Inc., a provider of public sector retirement systems implementation services, integrating its team into Segal’s Administration, Technology, and Consulting Practice. This acquisition enhances Segal’s support for public sector entities, which was noted by David Blumenstein, Segal’s CEO.[9]

In 2022, Segal acquired Michigan-based insurance broker Union Services Agency, which provides services to labor organizations, multiemployer funds and public sector entities.[10][11] The same year, it acquired Milliman’s San Francisco investment consulting practice.[12]

Services

[edit]

Segal offers services in retirement consulting, health benefits consulting, benefits administration consulting, benefit audits, HR and benefits communications, compensation and career strategies, compliance consulting, HR and benefits technology, commercial insurance brokerage services, investment solutions, mergers and acquisitions, organizational effectiveness, financial well-being, and property and casualty insurance.[13][14]

Acquisitions and mergers

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  • 2001: Marjorie Gross & Co.[15]
  • 2002: Sibson & Company[16]
  • 2006: Irwin Tepper Associates[3]
  • 2010: Aon Consulting’s U.S. multiemployer defined benefit plan and related consulting business[3]
  • 2012: Rogerscasey[3]
  • 2014: The Waters Consulting Group[17]
  • 2014: Moroni Fantin (Segal acquired a portion of the business)[18]
  • 2017: Marco Consulting Group[7]
  • 2018: Touchstone Consulting[2]
  • 2018: The Singer Group[2]
  • 2019: Benz Communications[2]
  • 2020: LRWL[9]
  • 2022: Milliman - San Francisco Investment Consulting Practice[19]
  • 2022: Union Services Agency[10]

References

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  1. ^ "About Segal". Segal. Retrieved 2019-03-18.
  2. ^ a b c d e "The Segal Group adds San Francisco HR and benefits consultancy". www.consulting.us. 2019-01-24. Retrieved 2024-07-17.
  3. ^ a b c d e "Segal Co. founder Martin Segal dead at 96 | Business Insurance". www.businessinsurance.com. Retrieved 2024-08-05.
  4. ^ a b Pogrebin, Robin (2012-08-05). "Martin E. Segal, Titan of the Arts in New York City, Dies at 96". The New York Times. ISSN 0362-4331. Retrieved 2024-08-05.
  5. ^ Appell, Douglas (3 February 2012). "Segal Advisors acquires Rogerscasey". Pensions & Investments. Retrieved 29 August 2024.
  6. ^ "Segal Expands, Renames Fiduciary Liability Insurance Practice". Insurance Journal. 2013-01-07. Retrieved 2024-08-20.
  7. ^ a b c d "Segal Rogerscasey Buys Marco Consulting Group | Chief Investment Officer". www.ai-cio.com. Retrieved 2024-09-12.
  8. ^ a b c Comtois, James (12 September 2016). "Segal Rogerscasey to acquire Marco Consulting Group". Pensions & Investments. Retrieved 12 September 2024.
  9. ^ a b "Retirement Industry People Moves | PLANSPONSOR". www.plansponsor.com. Retrieved 2024-10-24.
  10. ^ a b Graham, Patrick (8 June 2022). "Segal Purchases Union Services Agency". Mergers & Acquisitions. Retrieved 4 September 2024.
  11. ^ "Banking Essentials Newsletter: July 10th Edition". www.spglobal.com. Retrieved 2024-09-19.
  12. ^ Ghosh, Palash (8 July 2022). "Segal Marco acquires Milliman's San Francisco investment consulting practice". Pensions & Investments. Retrieved 25 September 2024.
  13. ^ "Segal Group". Management Consulted. 1 June 2023. Retrieved 3 October 2024.
  14. ^ "The Segal Group, Inc". dnb.com.
  15. ^ "The Segal Co. acquired Marjorie Gross & Co., an employee benefits and..." Pensions & Investments. 18 January 2001.
  16. ^ "Segal Buys HR Consultant | PLANSPONSOR". www.plansponsor.com. Retrieved 2024-11-08.
  17. ^ "The Segal Group Acquires The Waters Consulting Group | Mergr M&A Deal Summary". mergr.com. Retrieved 2024-10-31.
  18. ^ admin (2014-01-07). "Segal Group Acquires Employee Benefits Firm Moroni Fantin in Michigan". Insurance Journal. Retrieved 2024-11-08.
  19. ^ "Segal Marco Advisors Portfolio Investments, Segal Marco Advisors Funds, Segal Marco Advisors Exits". www.cbinsights.com. Retrieved 2024-09-04.
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