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 — Risk Strategices, a privately held national insurance brokerage and risk management firm, 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.”