Company Profile
The Boon Group
Company Overview
The Boon Group, Inc. is the parent holding company of The Boon Insurance Agency, Inc., Contractors Employee Benefits Administration, Inc.(CEBA®), Foundation Benefits Administration, Inc.(FBA), and Boon Insurance Management Services, L.P. The Boon Group® was formed to enhance the position of these companies as a wholesaler of exclusive products and services. With over 20 years of experience in providing products and services, The Boon Group has evolved into a national enterprise, becoming the "industry leader" in providing affordable benefit solutions.
Company History
The Boon Insurance Agency, Inc. was formed in 1982 by R. Sterling Boon. The Company quickly discovered that there were very few products that met the unique needs of its niche market of government contractors. Government contractors have limited fixed budgets for benefits and employ predominantly hourly employees with high turnover rates, who work fluctuating hours. As a result, The Boon Insurance Agency began developing its own proprietary products, designed to meet contractors' requests. The Company quickly realized that the development of its own products only solved part of the problem for government contractors. The large insurance companies that were underwriting and insuring these products were not flexible enough to process premiums for benefits on an "hourly cost" basis, which is necessary in providing benefits to the contractors' employees.
Contractors Employee Benefits Administration, Inc. (CEBA®), a licensed third party administrator, was formed in 1991 to provide the necessary premium administration to enable the plans to run smoothly. CEBA provides specialized administrative services so that employers can provide benefits to their hourly employees. In 1994, CEBA began paying claims for fully insured and self insured medical, dental, disability, and vision plans.
Boon Insurance Management Services, LP is a Texas limited partnership, where the general partner and the limited partner are corporate entities wholly owned by The Boon Group, Inc. Boon Insurance Management Services provides "back office" support to the other Boon subsidiaries and to FBA, with services that do not require either a Third Party Administrator license or an Insurance Agency/Producer license. Such services include legal, compliance and licensing services, accounting services, human resources services, information technology and information systems services, and operations and facilities. Facilities and the above referenced services are provided to the Boon entities and through a series of service agreements and management contracts.
Foundation Benefits Administrators, Inc. (FBA) is a licensed third party administrative company located in Austin, Texas. FBA is a wholly owned subsidiary of The Boon Group, Inc. The management team at FBA has over 15 years of experience and is dedicated to providing flexible administrative services, claims adjudication services and customer service for voluntary medical, dental, life and short-term disability benefit plans. Additionally, through a strategic partnership with CEBA®, FBA provides all administrative services for all commercial voluntary plans and for government contractor employer groups domiciled and/or with employees residing in the states of Arizona, Florida, Georgia, and Iowa.