CLEVELAND, Jan. 9, 2012 /PRNewswire/ -- CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired Meridian Insurance Group, LLC (" Meridian") of Boca Raton, FL, effective January 1, 2012.
Founded in 2004, and with offices in Boca Raton, FL, and Atlanta, GA, Meridian is an established southeast regional insurance broker specializing in multiple insurance products and services including property and casualty insurance and bonding, personal lines and employee benefits. Meridian provides consultative professional insurance services to clients. Meridian has 22 employees and is expected to contribute approximately $4.4 million in revenue to CBIZ during 2012.
Steven L. Gerard, CBIZ Chairman and CEO, stated, "The acquisition of Meridian is an important step in building out the suite of services in both our Boca Raton and Atlanta offices. This acquisition will further enhance these two already established CBIZ markets. Greg and his group have an excellent reputation in the southeast and we anticipate growing our business together. We are particularly eager to provide greater property and casualty products to our clients in this region."
Greg Cryan, former President of Meridian has been appointed Southeast Regional President of CBIZ's property and casualty division. Greg stated, "We are excited about the privilege to join the world class CBIZ organization. As trusted advisors we are fortunate and honored to serve our clients. Joining CBIZ will allow us to take our business to the next professional level. With the new CBIZ partnership our clients will continue to come first while receiving the additional resources and expertise offered by CBIZ."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, 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 140 Company offices in 36 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 its 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.
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