The first of its two most recent acquisitions involves the purchase of another Boston-based firm
On the heels of its acquisition of CBG Benefits Group, Inc., Risk Strategies has announced two more acquisitions. On May 22, 2018, the Boston-based insurance brokerage and risk management firm added to its growing Employee Benefits Practice with the acquisition of another Boston-based firm, Corporate Benefit Audits (CBA). Founded in 1922, CBA offers outsourced claim auditing services to a variety of specialized industries including stop loss carriers, managing general underwriters, reinsurance companies, as well as self-funded employers.
We’re excited about joining the respected Risk Strategies organization,” said Steve Kurkul, founder and president of CBA. “They have a strong, national reputation as smart, technical experts in the employee benefits space, and we see our capabilities and business aligning perfectly with their collaborative culture and direction.”
Today’s health care delivery system is incredibly complex, making it difficult for all stakeholders to understand if claim obligations are being managed in a cost-effective manner,” said John Greenbaum, Risk Strategies employee benefits practice leader. “CBA brings unmatched expertise to this issue that will greatly benefit our client base and add a new service dimension to our practice.”
Risk Strategies has also added to its Professional Liability Practice with the addition of Cincinnati Intermediaries
In addition to growing its Employee Benefits Practice, Risk Strategies is also expanding is Professional Liability Practice nationwide. On June 4, only two weeks after its announcement of its purchase of CBA, the company also announced the purchase of Cincinnati Intermediaries LLC. Further terms of the transaction were not disclosed.
Founded in 1987, Cincinnati Intermediaries is a specialty wholesale brokerage and managing general underwriter, owned and managed by brothers John and Richard Bolan.
“When looking for a partner to help build our business, we sought an organization that understood the value of specialization,” said John Bolan, managing member of Cincinnati Intermediaries. “As a specialty brokerage with a national reputation for technical expertise, we felt that Risk Strategies appreciated our deep focus on professional liability and saw opportunities to expand our scope through their extensive network.”
Working with both retail agencies and select wholesale brokerages, Cincinnati Intermediaries has the ability to place insurance on a wholesale basis with almost 50 insurance carriers. With this latest addition to its ranks, Risk Strategies has greatly expanded its capabilities with respect to specialized wholesale and MGU capabilities through its acquisitions Advanced Insurance Underwriters, Atlass Marine Insurance, and Cincinnati Intermediaries.
While focused on the Midwest and the South, the company’s book of business also includes clients in California, Texas, as well as Massachusetts.
“Broad access is critical to ensuring that clients get the right coverage they need for specific risk scenarios,” explained John Mina, president of Risk Strategies. “Cincinnati Intermediaries’ 30-year history as a wholesaler and MGU has established strong relationships with key carriers and underwriters in management and professional liability. These relationships and CI’s expertise will enhance Risk Strategies’ value to our clients nationally.”
The addition of Cincinnati Intermediaries to the Risk Strategies’ family will allow the Boston-based brokers to increase its distribution into new areas such as errors & omissions, directors & officers, cyber, architects & engineers, financial institutions, lawyers and non-profits. IT will also allow Risk Strategies to also offer a national solution for the placement of private company and non-profit D&O, E&O and other professional lines.
About Risk Strategies
Risk Strategies Company is a privately-held, national firm with offices across the country. As a leading U.S. insurance broker, the company offers sophisticated risk management advice as well as insurance and reinsurance placement for property & casualty, healthcare and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals, and has access to all major insurance markets. Ranked among the top 20 brokers in the country, Risk Strategies has offices in more than 50 locations nationwide including Boston, New York City, Chicago, Miami, Atlanta, Dallas, Nashville, Los Angeles and San Francisco.