By Caroline McDonald
NU Online News Service, May 18, 3:40 p.m. EDT–Beecher Carlson today announced it has acquired JBL&K Risk Services, the oldest and largest independently owned risk management agency in Oregon. Terms were not disclosed.
The acquisition expands Atlanta-based Beecher Carlson's presence to the Pacific Northwest Region and facilitates its entry into the employee benefits market, according to Beecher Carlson. The transaction also allows JBL&K Risk Services to leverage the national resources and technical expertise of Beecher Carlson.
A Beecher Carlson spokesperson said the acquisition will bring Beecher Carlson's projected 2005 revenues to about $45 million.
The spokesperson said that about 25 percent of JBL&K's revenues are derived from the employee benefits business. In August 2004 the company acquired Denver-based Riskcap, a provider of risk management consulting, captive formation management, risk retention group policy management and marketing services.
Strategically, the transaction accelerates Beecher Carlson's growth plan to partner with firms interested in a new and expanded service platform.
While specifics of the transaction were not disclosed, the company said the consideration for the transaction consisted of a combination of cash and Beecher Carlson stock.
JBL&K is led by Chuck Floberg, chief executive officer and board chairman, and Dan Romain, president. Both will retain their executive positions with the company. JBL&K employs 90 individuals in two offices in Portland and Medford, Oregon. All employees will remain with the company and all offices will remain in operation, the company said. The firm will continue to conduct business as JBL&K Risk Services.
Beecher Carlson said it is distinguished by a methodology that provides decision-makers with detailed risk modeling analysis and development of key risk differentiators. Beecher Carlson's accounts include six of the world's leading automobile manufacturers and five of the top 10 hospitality companies.
Beecher Carlson, a privately held company, also maintains operations in Boston, Vermont, Denver, Hawaii, California, Tennessee, New York, New Jersey and Bermuda.
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