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Risk Strategies acquires Massachusetts benefits broker

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Risk Strategies Co., Boston, on Tuesday said it has acquired Benefit Development Group.

Terms of the deal were not disclosed.

Worcester, Massachusetts-based Benefit Development is a broker of health insurance, group and voluntary benefits in the Northeast. Benefit Development President Mike Tsotsis and Senior Vice President Christopher Powers will continue to manage the company, which will do business as Benefit Development Group, a Risk Strategies Company.

This announcement marks the third deal this month for Risk Strategies, which also acquired DeWitt Stern Group Inc. and Crow Friedman Group in October.

“Benefit Development Group brings strategic significance to the combined organization,” said Risk Strategies CEO Michael Christian in a statement. “Their prominence in the group health and welfare niche will meaningfully add to the scale and scope of Risk Strategies' employee benefits practice.”

Risk Strategies ranked 52nd on Business Insurance’s latest list of the 100 largest brokers of U.S. business.

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