Risk Strategies Company acquires Benefits Network Insurance Agency, adds wholesale expertise to national employee benefits practice
Ohio-based specialist offers capabilities that also add to existing retail benefits practice
BOSTON — Risk Strategies Company, a privately held, rapidly growing national insurance brokerage and risk management firm, today announced the acquisition of Benefits Network Insurance Agency (BNIA), a specialist brokerage focused on the development of employee benefits plans. Terms of the deal were not disclosed.
Headquartered in Cincinnati, OH, with additional offices in Dayton, BNIA was founded in 1989 by Phil DiCiero as a wholesale broker providing services to the small group business of Blue Cross Blue Shield’s independent agents. BNIA added its own retail service capability in 1993 and its business today is almost equally balanced between retail group insurance sales and wholesale brokerage.
In building out its wholesale business, the company expanded its footprint to represent Anthem Blue Cross Blue Shield, Humana, Medical Mutual of Ohio, United Healthcare, Principal Financial, and Aetna.
“Ohio firms represented by BNIA and the brokers who rely on them for wholesale placements acknowledge the broad expertise and service commitment that Phil DiCiero brings to the business and has instilled in his entire team,” said John Greenbaum, Risk Strategies’ national employee benefits practice leader. “Phil’s son Philip joined the firm several years ago and has aided in bringing their practice to a new level.”
Risk Strategies’ employee benefits practice is one of the country’s largest and most capable, with deep expertise ranging from regulatory compliance and strategic benefits planning to the implementation of technology solutions and wellness programs. Like Risk Strategies, BNIA provides both their retail and wholesale clients with a wide range of resources and expertise.
“The rapidly consolidating brokerage environment gave us a lot of choices when we thought about selling our company,” said Phil DiCiero. “Going with Risk Strategies meant we’d become part of a growing national brand with extensive resources and a true national-scale support system.”