The companies on our list of employee benefit services companies have grown significantly over the past six years.
The 35 companies on the full digital list employed a total of 1,318 benefit professionals as of April 1, up 4.4% from a year ago. And over the past six years, that number has grown by over 30%, considering data from the 32 companies that submitted in 2013 and 2019.
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Granted, three companies in the top 25 in 2013 did not submit this year, so they are not included in any of those numbers. But otherwise, the largest companies in the 2013 list are represented in the 2019 data. To ensure a fair comparison, the 2013 figure we used includes people who were employed by a few local offices that have since merged with others. companies represented on this year’s list.
There have been several mergers this year as well. For example, in December 2018, NFP, a New York-based publicly traded insurance brokerage and advisory firm, acquired both BD Capital of Mason, Ohio, and River Financial Benefits of Rocky River. These agreements enabled NFP to add 21 local employees this year, including 11 benefits professionals. He jumped six places on the list to No.10.
BD Capital had 12 offices in Ohio, including offices in Independence and Youngstown; Employees from these two offices are expected to join NFP’s independence office in late fall, according to chief executive Brian Hirsh. The four River Financial employees moved into NFP’s Independence office in January, he said. Hirsch noted that the local office initiated the River Financial deal and helped validate the BD Capital purchase.
“We are growing very quickly as a company, but the central region has been a priority for NFP,” he said.
Likewise, OneDigital of Atlanta acquired Alpha Group Agency Inc. of Independence in January of this year (its Westlake division was not acquired). And in August 2018, Miami-based HIG Capital acquired the New York-based human resources consulting arm of Conduent and renamed it with a household name: Buck. The unit, which has an office in Independence, was known as Buck Consultants until 2017, when Xerox separated its business services division, which became Conduent.