Risk Strategies Expands Its Portfolio
Risk Strategies, a prominent name in the North American specialty insurance market, has made a significant move by acquiring the assets of Cornerstone Broker Insurance Services Agency Inc. and ARC Benefit Solutions. This strategic acquisition is designed to bolster Risk Strategies' employee benefits offerings and enhance its consulting services.
About Cornerstone Broker Insurance Services
Cornerstone Broker Insurance Services Agency, founded in 1985, operates as a brokerage general agency providing extensive support to independent brokers. With a focus on group, individual, and ancillary benefits, Cornerstone offers vital services such as quoting, enrollments, renewals, and ongoing support to brokers. Their approach ensures that independent brokers can effectively serve their clients while also benefiting from robust back-office assistance.
Support for Employee Benefits
Located in Ohio, Cornerstone Broker Insurance Services has established itself as a national provider of employee benefits solutions. Their expertise extends to supporting medical, dental, vision plans, and various insurance options, including both short-term and long-term disability coverage. This comprehensive approach ensures clients have access to a wide range of essential employee benefits.
ARC Benefit Solutions: A Seamless Transition for Retired Brokers
Alongside Cornerstone, ARC Benefit Solutions plays a crucial role in helping retiring brokers transition their clients effectively. Founded in 2019, ARC continues to support the succession plans for retiring brokers, ensuring that clients maintain access to the employee benefits services they require. Their dedication to a smooth transition demonstrates the firm’s commitment to its clients and broker partners, fostering long-term relationships.
Client-Centric Services Offered
For clients, ARC Benefit Solutions offers a variety of employee benefit needs, including life insurance, accident insurance, and help with securing family health insurance plans. They also ensure that individuals understand their Medicare options and receive the necessary assistance to navigate these choices.
A Strong Cultural Fit for Risk Strategies
John Greenbaum, National Employee Benefits Practice Leader at Risk Strategies, emphasized the unique value this acquisition brings. The deep expertise of Cornerstone and ARC in a complicated segment of the market, coupled with their strong community ties, creates a winning combination that enriches the Risk Strategies family.
Continued Commitment to Community and Growth
Cornerstone and ARC have been recognized as a top workplace in their region for nine consecutive years, a testament to their commitment to employee development and community involvement. This cultural alignment with Risk Strategies reinforces their shared values and vision for future growth.
Strengthening Employee Benefits Capabilities in Ohio
This acquisition builds on Risk Strategies' previous growth initiatives, including the acquisition of Cincinnati-based Benefits Network Insurance Agency in 2018. Like Cornerstone and ARC, BNIA is a specialist brokerage that has contributed to enhancing Risk Strategies' capabilities while focusing on employee benefits. Such strategic moves solidify Risk Strategies' position as a leading provider of comprehensive employee benefits solutions.
Conclusion
The acquisition of Cornerstone Broker Insurance Services and ARC Benefit Solutions by Risk Strategies not only strengthens their product offerings but also enhances their community engagement and client services. By bringing in additional expertise and expanding their resources, Risk Strategies is positioning itself for continued success in the insurance brokerage landscape.
Frequently Asked Questions
What did Risk Strategies acquire?
Risk Strategies acquired the assets of Cornerstone Broker Insurance Services Agency and ARC Benefit Solutions.
What services does Cornerstone provide?
Cornerstone offers comprehensive support to independent brokers including quoting, enrollments, and back-office services across various benefit types.
How does ARC support retiring brokers?
ARC Benefit Solutions helps retiring brokers with succession planning to ensure smooth transitions for their clients.
What types of insurance does ARC offer?
ARC offers medical, dental, vision plans, along with life and accident insurance among other employee benefit options.
Why is this acquisition important for Risk Strategies?
This acquisition enhances Risk Strategies' employee benefits capabilities and solidifies their position in the market while aligning with their growth strategy.
