Stamford-based CBP and Beacon Retiree Benefits Group, headquartered in Plantsville, have joined 22 other entrepreneurial insurance and financial services companies across the country to form Alera Group, an employee benefits, property/casualty, risk management and wealth management firm with approximately $158 million in revenue.
With investment from Genstar Capital LLC and brokerage assistance from consulting and investment banking firm Marsh, Berry & Company Inc., Alera Group will become the nation’s 14th largest privately held insurance company and seventh largest privately held employee benefits firm. Terms of the transaction were not disclosed.
The new firm has more than 750 employees serving more than 20,000 clients in 40 U.S.-based offices across 15 states. This merger marks the first time that 24 financial services firms have joined together as one.
CBP and Beacon employees and advisors will continue to operate out of their existing offices, and will continue to be led by CBP’s Gary Piantedosi, founder and principal; Rob Houghton, president; Chris Peck, CEO; and Beacon’s President and CEO Darcy Caslin.
“Our clients’ needs are changing and, frankly, our industry has been slow to respond,” said Alan Levitz, president and CEO of Alera Group. “That’s why we brought together this handpicked group. Clients will see two benefits rarely delivered by a single organization. First, they will get the combined resources, technical experience and best practices of a larger firm. Second, they will continue to receive the personal service and independent decision-making power of a local business.”