Boston-based national specialty insurance broker Risk Strategies announced it has acquired Fairmount Benefits Co., a Philadelphia-based specialty firm focused on employee benefit programs and technology for corporate employers.
Fairmount Benefits has established specializations in funding mechanisms, pharmacy cost management, benefit technologies and employee engagement.
A woman-owned business, Fairmount Benefits was established in 2020 when founders and long-term Megro Benefits Co. employees Cheryl Kiley and Ronnie Beth Stanley bought out and rebranded the firm. In addition to their 20-year tenure with Megro benefits, Kiley and Stanley also have experience in corporate healthcare and pharmaceuticals.
At Megro Benefits, the firm historically served clients in the southeastern Pennsylvania, New Jersey and New York regions. Following the buyout and rebranding to Fairmount Benefits, the firm expanded its reach and now serves clients throughout the country and across a range of industries including technology, manufacturing, professional services, non-profits, life sciences and telecommunications.
“We wanted a partner who could help us scale our business without compromising our specialist approach,” said Kiley.
Terms of the deal were not disclosed.
Topics Mergers & Acquisitions
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