Risk Strategies Adds to Leading National Employee Benefits Practice with Acquisition of CBG Benefits, Inc.
Boutique brokerage builds on recent string of benefits specialty firm additions
BOSTON, May 16, 2018 -- Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, today announced the acquisition of Costello Benefits Group (CBG Benefits, Inc.), a full-service employee benefits brokerage firm headquartered in Woburn, Massachusetts. Terms of the deal were not disclosed.
Founded in 1999, CBG Benefits helps 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.
“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.”
In recent years, CBG Benefits has developed a reputation as a market leader in serving the complex needs of biotechnology companies at all stages of their growth. The company has also emerged as a market leader in helping companies of all industries successfully 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’ employee benefits practice is one of the country’s most experienced and technically proficient specialty groups. It is focused on diverse issues facing employers in all industries from regulatory change and uncertainty to carrier consolidation, rising costs and coverage upheavals. It also works with clients to refine their employee value proposition through health and welfare offerings that help retain and attract top talent in a competitive labor market.
In the last year, Risk Strategies has brought three separate, independent specialty agencies and brokerages into its operations that are focused exclusively on employee health and welfare program challenges. As part of a national management structure, the expertise from these acquisitions positions the Risk Strategies employee benefits practice to bring top talent to the most challenging problems and devise innovative alternatives to traditional programs that control costs while benefiting employees.
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.