Risk Strategies merged with New York-based DeWitt Stern earlier this month
Two weeks after announcing its merger with DeWitt Stern, Boston-based Risk Strategies has acquired the Benefits Development Group of Worcester. With the announcement of its acquisition, Risk Strategies now ranks among the top 30 brokers nationally boasting more than $100 million in revenues, a nationwide staff of over 400 and over $1 billion in placed premiums on behalf of its clients.
“Benefit Development Group brings strategic significance to the combined organization,” said Chief Executive Officer and Risk Strategies Founder, Michael Christian. “Their prominence in the group health and welfare niche will meaningfully add to the scale and scope of Risk Strategies’ employee benefits practice. Benefit Development Group compliments and strengthens Risk Strategies’ client specialty areas, especially in higher education, healthcare, not-for-profits and consulting. In addition, Risk Strategies’ expertise in large account management, property casualty, personal lines, and executive risk will enhance the resources and capabilities Benefit Development Group can offer its current clients and prospects.”
Founded in 1976, Benefits Development Group of BDG is a major broker for health insurance, group and voluntary benefits throughout New England. Specializing solely on employee benefit complaince, design, financing, administration and communication, BGD provides services and support for clients in a variety of fields including, but not limited to distribution, utilities, higher education, not-for-profits, consulting and healthcare/clinical professions.
According to the terms of the acquisition, Mike Tsotsis, the Founder and President of BDG along with Senior Vice President Christopher Powers will both continue on BDG and will continue to manage the company which will now be known as Benefit Development Group, a Risk Strategies Company.
“This is a very exciting time for our companies,” said Tsotsis. “This partnership will not only allow us to share our highly focused and unique approach in the employee benefits realm nationally, but will also allow us to draw from the much broader array of expertise and capabilities that exist within Risk Strategies. We will bring greater value to our clients and more opportunities for our team. Together we will be a real force in the national employee benefit landscape.”
This latest transaction markets the third deal for Boston’s Risk Strategies in October
Risk Strategies acquisition of BGD marks the third transaction for the company in the month of October. The company also announced recent transactions with both the DeWitt Stern Group as well as the Crow Freidman Group of Memphis Tennessee.
Since 2010, here is a timeline of transactions that Risk Strategies has entered into. As one notices, since October the pace of its transactions and acquisitions has picked up.
- October 21st – Acuires Benefit Development Group (BDG) of Worcester
- October 8th – Acquires Crow Friedman Group of Memphis, Tennessee
- October 1st – Merges with New York-based DeWitt Stern
- January 22nd – Acquires acquired Singer Nelson Charlmers of Teaneck, N.J.
- January 14th – Acquires DataRisk LLC, a Portsmouth, NH-based risk management consulting firm
- June 27th – Announces merger with Kohlberg & Company, L.L.C, a private equity firm
- October 22nd – Burlington, Mass.-based D&D Insurance Agency
- December 8th – Acquires Needham-based Global Insurance Network, Inc.
- December 10th – Merges with Cohn-Reid-O’Neill Insurance Services, Inc. (CRO) of Burlingame, CA