Risk Strategies Acquires FBA National
Acquisition adds wage parity, benefits administration and home health care industry expertise to national employee benefits practice
BOSTON, December 09, 2020 -- Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today announced it has acquired FBA National, a specialist in developing strategic, cost-effective employee benefits solutions that align with an organization’s goals and workforce needs. FBA National was represented by MidCap Advisors. Terms of the deal were not disclosed.
Headquartered in Garden City, New York, FBA National brings deep specialty expertise in tailoring fringe benefit packages for clients seeking compliance with wage parity, living wage, and other similar regulatory structures such as prevailing wage laws. FBA is a market leader in employee benefits in its region and complements the firm’s prior acquisitions in further serving home health care providers with these needs in the New York region. This acquisition adds to existing expertise in core home health care benefits programs gained by Risk Strategies in its 2016 purchase of Long Island, New York-based TSG Financial.
“Bringing FBA into the Risk Strategies family adds deep expertise in an important, complex and highly regulated arena while also bringing key administrative capabilities that allow us to expand our firm’s offerings,” said John Greenbaum, Risk Strategies’ National Employee Benefits Practice Leader. “It also sets the stage for increasing success in a market poised for strong growth.”
Fringe benefits programs are an increasingly common feature in markets where wage parity regulations as well as government contractors operate. They can help organizations both control costs and satisfy complex, detailed wage-related regulations at the state or federal level. FBA National’s expertise and services allow companies to effectively tailor fringe benefits to meet cost and regulatory compliance goals, while avoiding administrative burdens that could increase costs and frustrate employees.
“Tailoring and managing fringe benefits to meet wage parity and similar regulations requires a specialist focus,” said John Kuveikis, FBA spokesperson. “We saw joining Risk Strategies as a great way to preserve that specialty focus, while becoming part of a national organization that could extend our business reach and offer new opportunities for our people.”
As FBA has expanded, it has added property and casualty lines to its offerings to meet the additional needs of its growing client base. Joining Risk Strategies dramatically increases the geographic reach of its core business, as well as expands its offerings and expertise in products such as cyber liability and in sophisticated services such as risk and actuarial analytics.
To learn more about Risk Strategies, please visit www.riskstrategies.com
About Risk Strategies
Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles, and San Francisco. RiskStrategies.com.