CBG Benefits Inc., is also known as Costello Benefits Group, Inc.
Risk Strategies continues to grow its employee benefits practice at a brisk pace with the announcement of its third agency acquisition in the past year. The Boston-based firm’s latest addition to its roster is the Costello Benefits Group, Inc. also known as CBG Benefits Group, Inc.
Founded in Woburn in 1999, CBG Benefits is a full-service agency employee benefits brokerage that aids human resources and corporate finance departments on a number of fronts, including development and implementation of health and welfare benefits programs, workplace wellness programs, regulatory compliance, employee communication, and benefits technology. Further terms of the transaction were not disclosed.
As we continue to build our national practice, we’re seeking to add partners with technical expertise and experience that will translate nationally across industries,” said John Greenbaum, Risk Strategies’ national employee benefits practice leader. “CBG Benefits has exactly the scope and depth of capabilities we’re looking for in a new partner.”
According to the official announcement, CBG Benefits has developed itself over the past few years as a market leader responding to the complex needs of biotechnology companies at all stages of their growth. In addition, the agency also is a market leader with respect to helping companies navigate “the fast-paced, often hype-laden world of HR and benefits technology.”
Growing our business as a boutique brokerage firm with an entrepreneurial spirit, we’ve seen the power of focusing on depth of expertise,” said Chris Costello, principal and co-founder of CBG Benefits. “Risk Strategies’ embrace of innovation and track record of bringing together best-in-class partners made them a natural fit as we looked to become part of a national organization, and we feel certain our people and our clients will benefit greatly.”
Risk Strategies’ growing national presence
Founded in 1997, Risk Strategies has grown over the last 18 years to become one of the largest insurance brokerage firms in the U.S. The privately held Risk Strategies focuses on middle and upper-middle market commercial and high-net-worth clients with its vertical industry expertise including healthcare, higher education, manufacturing, professional liability, construction, entertainment, fine arts, private equity, private client and real estate.
In October of 2014 Risk Strategies acquired the DeWitt Stern Group, greatly expanding its Private Client practices into New York City, Chicago, Los Angeles and Sacramento. In July 2015, it went on to acquire the Burlingame, California-based MacCorkle Insurance Services giving it a foothold in the San Francisco area. In October 2015, the firm established a new Private Client practice in the Southern states of Tennessee, Georgia, and Alabama via its previous acquisition of the Crow Friedman Group.
In November 2015, Kelso & Co., one of the oldest and most established firms in the private equity industry as well as a leading investor in the insurance sector, announced that it had acquired a majority stake in Risk Strategies.
In October 2016, the brokerage firm formally entered into the retirement and financial planning consultancy space with the acquisition of TSG Financial in Long Island.
Mirroring the overall company, Risk Strategies’ employee benefit practice is also rapidly growing to national prominence. The brokerage firm has already incorporated three separate, independent specialty agencies and brokerages into its operations, each of whose focus is on employee health and welfare program challenges along with the expertise of the staff who have joined its ranks.