CBIZ Acquires Centric Insurance Agency
CLEVELAND, Jan. 8, 2014 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired substantially all the assets of Centric Insurance Agency, ("Centric") of New Providence, New Jersey, effective January 1, 2014.
Originally established in 1994, Centric is an insurance broker providing property and casualty insurance, with a specialty in education and public schools, to its clients in the New Jersey market. This acquisition is expected to add 10 employees and approximately $1.6 million to CBIZ's annualized revenue.
Lee Nestel of Centric stated, "We are very much looking forward to having the ability to offer our clients additional resources such as accounting, tax, and payroll through a premier national company. At the same time, we are excited to expand CBIZ's property and casualty footprint in New Jersey."
Steve Gerard, CBIZ Chairman and CEO, stated, "We'd like to welcome Lee and his team to CBIZ. The acquisition of Centric will not only add property and casualty services in New Jersey but will expand CBIZ's growing education industry expertise in the Northeast."
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, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. As one of the nation's largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the United States, the Company's services are provided through nearly 100 Company offices in 32 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 and sustain 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.