Prudential To Acquire MullinTBG
September 14, 2008
The Prudential Insurance Company of America has agreed to acquire MullinTBG Insurance Agency Services, a leading provider of benefit solutions and deferred compensation programs. The transaction is expected to close in the fourth quarter of 2008.
The company “is responding to our clients and their increasing needs to provide nonqualified administration and funding as an integral part of retirement planning for their executives,” said Christine Marcks, president of Prudential Retirement.
Deferred compensation plans are employer-sponsored retirement programs that permit certain employees to delay receiving a portion of their taxable wages or bonuses until some future date. They are often used to attract and retain key executives.
MullinTBG will operate as an additional business unit of Prudential Retirement and will retain its brand, business model and strategic distribution relationships. Michael Shute, CEO of the firm, said MullinTBG would expand its retirement solutions without compromising its current “unbiased approach.”
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