Key Takeaways
- • CBIZ Benefits & Insurance Services launched today as a standalone company backed by New Mountain Capital, a New York-based growth-oriented investment firm with over $60 billion in assets under management.
- • The company operates independently of CBIZ, Inc. and Grant Thornton Advisors LLC, and enters the market as a Top 30 U.S. broker.
- • The firm has more than 1,600 professionals and annual revenue that has grown nearly 40% since 2020 to more than $400 million, serving employers across nearly 40 markets.
- • Management says the investment will fund increased spending on talent, technology, and capabilities to accelerate growth; client-facing teams, carrier relationships, and operations are unchanged.
- • The company will operate under the CBIZ Benefits & Insurance Services name on an interim basis and will introduce a new name in the coming months.
Summary
CBIZ Benefits & Insurance Services has launched as a standalone company backed by New Mountain Capital, according to a Business Wire release issued from Kansas City, Mo., and Cleveland. The transaction separates the benefits and insurance business from CBIZ, Inc. and Grant Thornton Advisors LLC, with the company now operating independently of both.
The firm positions itself as a Top 30 broker in the U.S., supporting employers nationwide through local teams in nearly 40 markets. It reports more than 1,600 professionals and annual revenue that has grown nearly 40% since 2020 to more than $400 million. The company describes a multi-decade track record of deep client relationships and provides employee benefits consulting, human capital advisory, property and casualty insurance, retirement and investment solutions, and individual insurance to middle-market organizations.
Chief Executive Officer Michael Kouzelos said the launch is a "defining moment" and that a standalone structure will allow the firm to expand its capabilities. Chief Operating Officer Polly Thomas said the commitment to clients will not change. Bob Mulcare and Sean Donovan, Managing Directors at New Mountain Capital, said the investment is intended to support increased investment in talent, technology, and capabilities and to drive accelerated growth.
The company will continue under the CBIZ Benefits & Insurance Services name on an interim basis and plans to adopt a new name in the coming months. The release did not disclose the purchase price or other transaction terms.
The firm positions itself as a Top 30 broker in the U.S., supporting employers nationwide through local teams in nearly 40 markets. It reports more than 1,600 professionals and annual revenue that has grown nearly 40% since 2020 to more than $400 million. The company describes a multi-decade track record of deep client relationships and provides employee benefits consulting, human capital advisory, property and casualty insurance, retirement and investment solutions, and individual insurance to middle-market organizations.
Chief Executive Officer Michael Kouzelos said the launch is a "defining moment" and that a standalone structure will allow the firm to expand its capabilities. Chief Operating Officer Polly Thomas said the commitment to clients will not change. Bob Mulcare and Sean Donovan, Managing Directors at New Mountain Capital, said the investment is intended to support increased investment in talent, technology, and capabilities and to drive accelerated growth.
The company will continue under the CBIZ Benefits & Insurance Services name on an interim basis and plans to adopt a new name in the coming months. The release did not disclose the purchase price or other transaction terms.
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