Nashville-based benefits brokerage and human resources software company Bernard Health has offloaded two of its four subsidiaries.
Illinois-based insurance giant Arthur J. Gallagher & Co. announced Monday that it had acquired health and employee benefits brokerage firm Bernard Benefits and health insurance advising service Bernard Healthcare Financial Planning. Two companies remain subsidiaries of Bernard – payroll software BerniePortal and backend HR support platform Alpine, a spokesperson confirmed to the Post.
Terms of the acquisition and an expected closing date were not disclosed.
Bernard spokesperson Sarah Weinstein said the company had two distinct segments, brokerage and software, with founder Alex Tolbert leading the software side and his brother Brian Tolbert leading the brokerage side.
“Gallagher’s acquisition of the brokerage business was a natural step and positive development for all stakeholders,” Weinstein said in an email. “For the remaining software business, the company will be focused on the continued growth and success of its flagship all-in-one payroll/HR/benefits product, BerniePortal.”
Brian Tolbert, benefits practice leader, and market leader Matt Kleymeyer will remain in their positions under the direction of Robby White, head of Gallagher’s South Central region employee benefits consulting and brokerage operations, according to a press release.
“Bernard complements our existing employee benefits offerings and represents an excellent cultural fit,” said president and CEO J. Patrick Gallagher, Jr. “I am very pleased to welcome Brian, Matt and their associates to Gallagher.”
Bernard, which was founded in 2006 amid increased popularity of health savings accounts, has changed its focus over the years.
In 2016, the company closed its stores due to regulatory changes, and saw a successful funding round. In 2019, the company announced a move to downtown and growth in its BerniePortal product, which it named as the largest part of the business at the time.
