PSA Insurance & Financial Services has acquired NextLogical Benefit Strategies, a Westminster-based benefits consulting firm specializing in health care.
PSA Insurance, headquartered in Hunt Valley, said the acquisition NextLogical and its data analytics and predictive modeling will bolster PSA's ability to help clients reduce their health care costs.
"The addition of NextLogical's innovative solutions and talented team members makes us more competitive while helping our existing clients manage costs via access to these powerful new capabilities," said Ken Huber, PSA's employee benefits group senior vice president, in a statement.
Terms of the acquisition were not disclosed, though PSA will retain all five of NextLogical's staff, including founder Aaron Davis, who will become the PSA's new vice president of healthcare solutions.
"I'm very enthusiastic about the opportunity to work with the well-respected team at PSA to introduce our platform to a much broader audience," Davis said in a statement. "Jumping from carrier to carrier reducing benefits or increasing employee cost-share in an effort to save on healthcare costs isn't a productive long term strategy; our data-driven, clinical approach gives employers a more effective new tool to improve the quality of care their members receive and better manage healthcare costs for the long haul."
Established in 1928, PSA serves more than 4,000 commercial enterprises and 6,000 individual clients in its employee benefits, commercial risk management and personal lines divisions.