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June 21, 2024

Boston firm on CT buying spree acquires Ridgefield employee-benefits brokerage

By Andrew Larson

A Boston-based insurance brokerage and consulting firm, Risk Strategies, has acquired an employee-benefits firm based in Ridgefield and Falmouth, Maine.

Risk Strategies, the ninth-largest privately held U.S. brokerage firm, announced Thursday that it acquired Baker Benefit Group LLC, which provides ancillary employee benefits programs.

Terms of the deal were not announced.

Founded in 1999, Baker Benefit Group focuses on the design, implementation and ongoing service of individual disability insurance plans for companies with more than 5,000 employees, primarily based in the Northeast.

Baker Benefit Group’s clients include hospitals, universities and one of the top-five global management consulting firms, the announcement states.

“In Risk Strategies, we have found a partner to help us scale our business and offer more capabilities to our clients in addition to our specialty focus,” said Mark Baker, founder and president of Baker Benefit Group.

Risk Strategies has more than 30 specialty practices and more than 100 offices, including ones in Boston, New York City and Chicago.

The company has been on a buying spree as it works to increase its New England footprint.

Earlier this year, Risk Strategies acquired Stone Insurance Agency, a Guilford-based insurance agency that specializes in commercial and personal lines.

In 2023, it acquired Glastonbury-based May, Bonee & Clark, which provides insurance placement, financial services and risk management advice.

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