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Creative Planning sells employee benefits division

The employee benefits division of Overland Park-based Creative Planning has been acquired by USI Insurance Services. After selling all interest in the benefits group, Creative Planning in turn bought a full stake in Creative Planning Property & Casualty LLC.

A sell of its employee benefits division has taken a load off  Overland Park-based Creative Planning, however the company quickly turned and acquired all of Creative Planning Property & Casualty LLC.

The employee benefits division sold to USI Insurance Services for an undisclosed amount forming a new partnership between the two companies. Creative Planning Benefits is run by Managing Partner Bob Nonemaker, who joins USI.

“This new partnership with USI will further strengthen our ability to help employers optimize their benefit plans through comprehensive cost containment, best-in-class pricing, regulatory compliance and superior account service,” Nonemaker said in a Friday release. “Our valued clients will continue to work with the talented team of local employee benefit professionals they’ve come to know and trust, in addition to gaining access to USI’s expanded suite of industry-leading tools, solutions and expertise.”

Mallouk said the employee benefits work wasn’t a core focus for Creative Planning and that it would do better with a company like USI.

Mallouk said there is no economic relationship between Creative Planning and USI moving forward, though its connection with the benefits team leaving to join USI likely continue to provide a strong connection for client referrals.