Boston-headquartered specialty broker and alternative risk program provider Risk Strategies has acquired Cambridge Advisory Group. The Pennsylvania-based business is a pharmacy, actuarial and benefits consulting firm. The deal also includes its associated entity, Health and Productivity Consulting Inc.
The terms of the deal were not revealed.
The firm is “fundamentally a data analytics firm staffed by industry-leading specialists in health, welfare and retirement consulting services”, according to Risk Services. It uses data from client claims files, health insurers and pharmacy benefit managers and proprietary data analysis tools to help actuaries, accountants, clinicians, and revenue cycle enhancement specialists identify non-obvious causes of increased costs.
The Cambridge team will add new depth and strengthened capabilities to Risk Strategies’ employee benefits practice, including in its actuarial analysis and data analytics for captive management, it added.
“Cambridge Advisory Group’s expert, holistic consulting is right in step with our specialist approach to solving complex client challenges,” said John Greenbaum, Risk Strategies national employee benefits practice leader. “Its information-driven model and skill in interpreting the data with actionable guidance is a great fit for our business and our clients.”
“A business as specialised as ours needed a national-scale partner with a similar focus on expertise-driven, client-first innovation,” said Stuart Piltch, founder & CEO of Cambridge Advisory Group. “Risk Strategies offered a unique opportunity for us to dramatically scale up our business in an organisation of like-minded specialists eager to collaborate on complex problems.”
Risk Strategies, Cambridge Advisory Group, Acquisition, Specialty, Broking, Insurance, Reinsurance, John Greenbaum, Stuart Piltch, North America