CBIZ Acquires Associated Insurance Agents
CLEVELAND, May 6, 2013 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired Associated Insurance Agents ("AIA"), of Minneapolis, Minnesota, effective May 1, 2013.
Established in 1982, AIA is an insurance brokerage agency specializing in property and casualty insurance, personal lines, and health and benefit insurance for clients primarily in Minnesota, Wisconsin and Nebraska. With 32 associates and $3.8 million in revenue over the past twelve months, AIA has developed a reputation as specialists in the auto service, banking and construction industries.
AIA was selected as the "2011 Agency of the Year" by the Minnesota Independent Insurance Agent and Brokers Association. This recognition was awarded to AIA for their commitment to establishing and maintaining relationships of mutual trust, quality products and service, as well as their dedication to their customers and local communities.
Commenting on joining CBIZ, Jeff Maas of AIA stated, "We have been searching for a partner with an excellent reputation and strong focus on client service that could bring us national capabilities. CBIZ looks to be the perfect match for AIA clients and our associates."
Steven L. Gerard, CBIZ Chairman and CEO, stated, "Jeff and his team at AIA are very well respected in the Minneapolis community due to their professionalism and their commitment to outstanding client service. The acquisition of AIA is a continuation of our strategy to expand our property and casualty business in key locations. Together with our strong accounting services, employee benefits and payroll business already located in Minneapolis, we are even better positioned to offer our clients a full range of CBIZ's core services and solutions."
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management. As one of the largest benefits specialists and one of the largest accounting, valuation, and medical practice management companies in the United States, the Company's services are provided through more than 150 Company offices in 38 states.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to adequately manage its growth; the Company's dependence on the current trend of outsourcing business services; the Company's dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting the Company's insurance business or its business services operations. A more detailed description of such risks and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at www.cbiz.com.
SOURCE CBIZ, Inc.
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