Specialty insurance brokerage and risk management firm Risk Strategies has acquired Cambridge Advisory Group, expanding its existing national employee benefits practice. Based in Pennsylvania, Cambridge Advisory Group is a pharmacy, actuarial and benefits consulting firm supported by advanced proprietary data tools and differentiated capabilities. Cambridge employs large data sets sourced from client claims files, health insurers and pharmacy benefit managers to aid actuaries, accountants, clinicians and revenue cycle enhancement specialists to identify causes of increased medical, prescription drug and retirement plan costs. The acquisition also includes Cambridge’s associated entity, Health and Productivity Consulting Inc. Risk Strategies notes that the combined expertise will allow its national employee benefits practice to further its actuarial analysis and data analytics for captive management. Commenting on the acquisition, John Greenbaum, leader of Risk Strategies’ national employee benefits practice, says: “Cambridge Advisory Group’s expert holistic consulting is in-step with our specialist approach to solving complex client challenges. The information-driven model and skill in interpreting the data with actionable guidance is a great fit for our business and our clients.” Stuart Piltch, founder and CEO of Cambridge Advisory Group, adds: “A business as specialised as ours needed a national-scale partner with a similar focus on expertise-driven, client-first innovation. 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 previously strengthened its employee benefits practice with the acquisition of Meeker Sharkey & Hurley, which provides insurance and reinsurance placement for employee benefits, environmental risks and cyber risks.
