Principal Picks Up Health Benefits Company

December 18, 2003 ( - The Principal Financial Group has agreed to acquire an Indianapolis, Indiana health benefits consultant and recordkeeper.

According to a Principal announcement, the Molloy Companies offer administrative and claims services for insured and self-funded health plans through benefit brokers and consultants. For example, the Molloy Companies offer case management and wellness, claims, actuarial and underwriting services.

Molloy now provides services for more than 500 customers, covering more than 130,000 employees with clients ranging in size from 200 to 12,000 participants. In 2002, the Molloy Companies processed more than $1.5 billion in claims and had 3.5 million transactions, according to the Principal announcement.

The Molloy Companies consist of:

  • J.F. Molloy & Associates, Inc.
  • Molloy Medical Management, Inc.
  • Molloy Actuarial and Consulting Corporation
  • Molloy Wellness Company.

Terms of the deal were not disclosed.