Principal Financial Group has completed its acquisition of Beam Benefits, adding more than 25,000 small business customers and expanding the digital capabilities of its Benefits and Protection business.
The acquisition became effective on September 1, 2026. Beam’s digital-first platform is designed to simplify employee benefits through faster quoting, streamlined onboarding and technology-enabled administration for employers and brokers.
Beam offers dental, vision, life, disability and supplemental health insurance and operates across 46 states and the District of Columbia.
The company’s technology includes an online platform, self-service capabilities and AI-powered underwriting, which Principal expects to complement its existing benefits platform and improve the customer and broker experience.
Beam’s executive leadership team and more than 200 employees transitioned to Principal immediately following closing.
The companies intend to maintain continuity for Beam’s existing customers and brokers while gradually developing a more unified offering.
Principal said the acquisition supports its strategy of accelerating growth in the small business employee benefits market by combining its existing scale with Beam’s digital infrastructure.
Principal’s previously established 2026 capital deployment and earnings-per-share growth targets remain unchanged following completion of the transaction.
Perella Weinberg Partners served as financial advisor to Principal, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel.
Ardea Partners served as financial advisor to Beam Benefits, while Wilson Sonsini Goodrich & Rosati served as legal counsel.
KEY QUOTES:
“Our combined organizations are in a strong position to serve the benefit and protection needs of more small businesses. This acquisition marks an important milestone in our strategy to accelerate growth in this important market.”
Amy Friedrich, President of Benefits and Protection at Principal
“Beam has built its business around simplifying employee benefits for small businesses through faster quoting, streamlined onboarding, and an easier experience for employers and brokers. Together with Principal, we can accelerate our mission to help more businesses offer benefits to support their employees and their growth.”
Tolithia Kornweibel, CEO of Beam Benefits
