Key Takeaways
- • CBIZ Benefits & Insurance Services launched as a standalone company backed by New Mountain Capital, a New York-based growth investment firm with over $60 billion in assets under management, according to a Business Wire announcement.
- • The newly independent firm operates separately from CBIZ, Inc. and Grant Thornton Advisors LLC and enters the market as a Top 30 broker in the U.S.
- • The business reports more than 1,600 professionals, serves employers across nearly 40 markets, and has grown annual revenue nearly 40% since 2020 to more than $400 million.
- • New Mountain's investment is intended to fund increased spending on talent, technology, and capabilities to accelerate growth; the purchase price was not disclosed in the release.
- • The firm will operate under the interim name CBIZ Benefits & Insurance Services and plans to announce a new name in the coming months.
Summary
CBIZ Benefits & Insurance Services launched today as a standalone company backed by New Mountain Capital, according to a Business Wire release datelined Kansas City, Mo., and Cleveland. The company operates independently of CBIZ, Inc. and Grant Thornton Advisors LLC. The release describes the investment as significant and intended to support accelerated growth and innovation across the firm's benefits, insurance, retirement, and human capital advisory businesses.
The firm says it enters the market as a Top 30 broker in the U.S., supporting employers nationwide through local teams across 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 will continue to offer employee benefits consulting, human capital advisory services, property and casualty insurance, retirement and investment solutions, and individual insurance. The release states that client-facing teams, carrier relationships, service contacts, and day-to-day operations will remain unchanged.
Michael Kouzelos, Chief Executive Officer, described the launch as a defining moment and said the standalone structure positions the firm to expand its capabilities. Polly Thomas, Chief Operating Officer, said the commitment to clients will not change, with continued advice across benefits, payroll, retirement, and risk. Bob Mulcare and Sean Donovan, Managing Directors at New Mountain Capital, said the investment is aimed at increased investment in talent, technology, and capabilities to drive growth. The company will use the CBIZ Benefits & Insurance Services name on an interim basis before introducing a new brand.
The firm says it enters the market as a Top 30 broker in the U.S., supporting employers nationwide through local teams across 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 will continue to offer employee benefits consulting, human capital advisory services, property and casualty insurance, retirement and investment solutions, and individual insurance. The release states that client-facing teams, carrier relationships, service contacts, and day-to-day operations will remain unchanged.
Michael Kouzelos, Chief Executive Officer, described the launch as a defining moment and said the standalone structure positions the firm to expand its capabilities. Polly Thomas, Chief Operating Officer, said the commitment to clients will not change, with continued advice across benefits, payroll, retirement, and risk. Bob Mulcare and Sean Donovan, Managing Directors at New Mountain Capital, said the investment is aimed at increased investment in talent, technology, and capabilities to drive growth. The company will use the CBIZ Benefits & Insurance Services name on an interim basis before introducing a new brand.
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