CBIZ Acquires Borden Perlman Insurance Agency, Inc.

Rhea-AI Summary

CBIZ, Inc. (NYSE: CBZ) has acquired Borden Perlman Insurance Agency, Inc. (BP), a family-owned company based in Ewing, NJ, effective December 31, 2020. With over 100 years of experience, BP specializes in property and casualty insurance, focusing on liability and risk management for mid-market clients across the U.S. The agency employs 65 staff and generates approximately $16 million in annual revenue. Jerry Grisko, CEO of CBIZ, emphasized this acquisition as a strategic move to expand their presence in growing markets and enhance client service.

Positive

• Acquisition of BP aligns with CBIZ's strategy to strengthen its property and casualty business.
• BP's expertise in high-net-worth individuals and sports programs enhances CBIZ's service offerings.
• The deal is expected to add approximately $16 million in annual revenue.

Negative

• None.

CLEVELAND, Jan. 4, 2021 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) ("the Company"), a leading provider of financial, insurance and advisory services, announced the acquisition of Borden Perlman Insurance Agency, Inc. ("BP") of Ewing, NJ, effective December 31, 2020.

Founded more than 100 years ago, BP is a fourth generation family-owned property and casualty insurance agency providing liability and risk management, with a specialty in sports programs and high-net-worth individuals, to mid-market clients throughout the U.S. BP has 65 employees with approximately $16 million in annual revenue.

Jerry Grisko, President and CEO of CBIZ, stated, "Our property and casualty business is among our highest performing business lines and we continue to make strategic investments to strengthen our presence in growing markets and add proven talent to our team. BP's history of exceptional client service coupled with its strong culture made this a natural fit for CBIZ and we are excited for the opportunities that this acquisition brings to our combined teams and clients."

Doug Borden and Jeff Perlman, of BP, stated, "We are excited for the opportunity to partner with an organization with a national platform that is so aligned with our own company values and culture. We look forward to continuing our 100-year tradition of providing best-in-class service while expanding our national reach and maintaining our community roots."

About CBIZ

CBIZ, Inc. is a leading provider of financial, insurance and advisory services to businesses throughout the United States. Financial services include accounting, tax, government health care consulting, transaction advisory, risk advisory, and valuation services. Insurance services include employee benefits consulting, retirement plan consulting, property and casualty insurance, payroll, and human capital consulting. With more than 100 Company offices in 31 states, CBIZ is one of the largest accounting and insurance brokerage providers in the U.S. For more information, visit www.cbiz.com.

View original content:http://www.prnewswire.com/news-releases/cbiz-acquires-borden-perlman-insurance-agency-inc-301199937.html

SOURCE CBIZ, Inc.

FAQ

What is the purpose of CBIZ's acquisition of Borden Perlman?

The acquisition aims to strengthen CBIZ's property and casualty business by incorporating BP's expertise and client base.

When did CBIZ acquire Borden Perlman Insurance Agency?

The acquisition was effective on December 31, 2020.

How much revenue does Borden Perlman generate?

Borden Perlman Insurance Agency generates approximately $16 million in annual revenue.

What market segment does Borden Perlman specialize in?

Borden Perlman specializes in property and casualty insurance with a focus on liability and risk management for mid-market clients.

What benefits does the acquisition bring to CBIZ?

The acquisition is expected to expand CBIZ's service offerings and enhance its market presence in growing areas.