Risk Strategies Acquires Cornerstone Broker Insurance Services
Deal News | Nov 21, 2024 | Globenewswire
Risk Strategies, a leading specialty insurance brokerage firm in North America, has announced the acquisition of Cornerstone Broker Insurance Services Agency, Inc. and ARC Benefit Solutions, significantly bolstering its employee benefits capabilities. The acquisition aims to integrate the unique expertise and community connection that Cornerstone has to offer, enhancing Risk Strategies' footprint in the Ohio market, building on previous acquisitions such as the Cincinnati-based Benefits Network Insurance Agency. The move is part of a broader strategy to deepen their consulting and management offerings across complex benefits segments, which is crucial given the intricacies involved in benefits development and administration. Cornerstone, established in 1985, serves a strategic role as a brokerage general agency supporting independent brokers across multiple benefits areas. Its ancillary, ARC Benefit Solutions, founded in 2019, offers succession planning and employee benefit services for retiring brokers. Risk Strategies' growth through acquisitions continues to reinforce its competitive edge as a comprehensive provider of risk management services and insurance products.
Sectors
- Insurance Brokerage
- Employee Benefits
Geography
- United States – The acquisition involves companies based in the United States, specifically focusing on Risk Strategies' expansion in Ohio, hence the geographical relevance.
- Ohio – Cornerstone Broker Insurance Services and ARC Benefit Solutions are Ohio-based companies, so the acquisition is particularly relevant to the Ohio region.
Industry
- Insurance Brokerage – The acquisition involves Risk Strategies, a specialty insurance brokerage firm, which indicates its primary involvement in the insurance brokerage industry.
- Employee Benefits – Cornerstone Broker Insurance Services and ARC Benefit Solutions are both specialized in providing employee benefits solutions, making this a key industry relevant to the acquisition.
Financials
- Not disclosed – The financial terms of the deal between Risk Strategies and Cornerstone Broker Insurance Services, including ARC Benefit Solutions, were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Risk Strategies | Buyer | Company | A North American specialty insurance brokerage and risk management consulting firm. |
| Cornerstone Broker Insurance Services Agency, Inc. | Target Company | Company | An Ohio-based national provider of employee benefits solutions. |
| ARC Benefit Solutions | Target Company | Company | Provides support for employee benefit clients and succession planning for retiring brokers. |
| Accession Risk Management Group | Parent Company | Company | Parent company of Risk Strategies, providing support and infrastructure. |
| John Greenbaum | National Employee Benefits Practice Leader | Person | Executive at Risk Strategies leading the integration of Cornerstone and ARC. |
| Annie Carroll | Co-owner | Person | Co-owner of Cornerstone/ARC involved in the sale to Risk Strategies. |
| Ryan Carroll | Co-owner | Person | Co-owner of Cornerstone/ARC active in the acquisition process. |
| Michael Grossman | Central Region Employee Benefits Leader | Person | Risk Strategies executive specializing in employee benefits in the central region. |