Comprehensive Benefits Acquired by Risk Strategies in Strategic Michigan Expansion
Deal News | Jan 30, 2025 | Globenewswire
Risk Strategies, a prominent national insurance brokerage and risk management firm, announced the acquisition of Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services, enhancing its capabilities in the employee benefits sector in Michigan. Comprehensive Benefits, based in Southfield, offers a wide array of services, including medical coverage, life insurance, and large group benefit planning. Gabrielson Insurance similarly provides expansive employee benefits services, aligning well with Comprehensive. The acquisition marks a strategic move for Risk Strategies to deepen its employee benefits expertise and broaden its footprint in Michigan and the Upper Midwest. High-level endorsements came from Steve Giannone of Risk Strategies and the leaders of the acquired firms, Mike Embry and Phil Gabrielson, emphasizing the synergies and opportunities created by combining forces. Previously, Risk Strategies had acquired the Ralph C. Wilson Agency in Michigan, reinforcing this establishment of regional strength. The acquisition aligns with Risk Strategies' broad growth strategy, integrating 30 specialty practices and over 200 offices across North America.
Sectors
- Insurance
- Financial Services
- Human Resources
Geography
- United States – Risk Strategies and the other acquired companies are based in the U.S., with Michigan being a focal point of expansion.
- Michigan – The acquisition of Comprehensive Benefits and Gabrielson Insurance & Financial Services centers around their presence in the Greater Detroit area, enhancing Risk Strategies' regional capabilities.
Industry
- Insurance – The sector pertains to Risk Strategies, Comprehensive Benefits, and Gabrielson Insurance & Financial Services, which are involved in providing insurance and employee benefits services.
- Financial Services – Gabrielson Insurance & Financial Services offers financial services alongside insurance, making it part of this industry.
- Human Resources – The acquisition focuses on employee benefits, which is a significant component of human resources within organizations.
Financials
- Not Disclosed – The terms of the acquisition deal were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Risk Strategies | Acquirer | Company | A national specialty insurance brokerage and risk management firm. |
| Comprehensive Benefits, Inc. | Target | Company | A provider of employee benefits services based in Southfield, Michigan. |
| Gabrielson Insurance & Financial Services | Target | Company | An insurance and financial services company focused on employee benefits. |
| Mike Embry | President, Comprehensive Benefits, Inc. | Person | An industry veteran with over 35 years of expertise in employee benefits. |
| Phil Gabrielson | Founder, Gabrielson Insurance & Financial Services | Person | Founder who positioned the company as a key player in employee benefits. |
| Steve Giannone | Central Region Leader, Risk Strategies | Person | Oversees regional operations for Risk Strategies. |