Specialty firm adds to the expertise of rapidly growing national employee benefits practice
Risk Strategies, a leading national specialty insurance brokerage and risk management firm, announced it has acquired Fairmount Benefits Company, a Pennsylvania-based specialty firm focused on developing and administering employee benefit programs for corporate employers. Terms of the deal were not disclosed.
Based in the Philadelphia region, Fairmount Benefits is an insurance brokerage and consulting firm offering customized solutions, strategic guidance and implementation support in all lines of employee benefits. The firm has established specializations in helping clients with funding mechanisms, pharmacy cost management, benefit technologies and employee engagement.
“Fairmount Benefits’ success is built on the broad and deep expertise needed to meet client employee benefits programs goals,” said John Greenbaum, National Employee Benefits Practice Leader, Risk Strategies. “It’s makes them a great fit for our dynamic, growing practice and I’m excited to welcome them to the Risk Strategies family.”
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A woman-owned business, Fairmount Benefits was established in 2020 when founders and long-term Megro Benefits Company employees Cheryl Kiley and Ronnie Beth Stanley bought out and rebranded the firm. In addition to their 20-year tenure with Megro benefits, Kiley and Stanley also have experience in corporate healthcare and pharmaceuticals.
“We wanted a partner who could help us scale our business without compromising our specialist approach,” said Cheryl Kiley, Managing Partner, Fairmount Benefits Company. “Risk Strategies clearly understands the value of specialty knowledge and expertise, and their breadth of resources will help us better serve clients and compete more effectively.”
At Megro Benefits, the firm historically served clients in the Southeastern Pennsylvania, New Jersey and New York regions. Following the buyout and rebranding to Fairmount Benefits, the firm expanded its reach and now services clients throughout the United States. Its clients are spread across a wide range of industries including technology, manufacturing, professional services, non-profits, life sciences and telecommunications, among others.
“We continue to attract the best talent in the greater Philadelphia market,” said Scott Popilek, Atlantic Region Leader, Risk Strategies. “Adding this team of experts to our existing operation now allows us to bring the full strength of our firm to existing and future clients.”
Risk Strategies is a privately held United States brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets.
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