BOSTON, Jan. 23, 2018 (GLOBE NEWSWIRE) — 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.”
In addition to BNIA, Risk Strategies recently acquired three brokerages with benefits specialty focuses, specifically: Mosse & Mosse, located north of Boston; Tikia Consulting, just outside New Orleans; and TSG Financial on Long Island, New York.
About Risk Strategies
Risk Strategies is a privately held, national firm with offices across the country. As a leading U.S. insurance broker, the company offers sophisticated risk management advice as well as insurance and reinsurance placement for property & casualty, healthcare and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals, and has access to all major insurance markets. Ranked among the top 20 brokers in the country, Risk Strategies has offices in more than 45 locations nationwide including Boston, New York City, Chicago, Miami, Atlanta, Dallas, Nashville, Los Angeles and San Francisco.