Broker acquires pension administration firm

Insurance broker CBIZ Inc. has acquired Roswell, Georgia-based pension administration services provider Pension Resource Group Inc.

A spokeswoman for Cleveland-based CBIZ declined to release the terms of the deal announced Thursday.

Pension Resource Group provides pension administration solutions including defined benefit administration, data warehousing, benefit communication, compensation statement and human capital services to customers ranging in size from 500 to more than 60,000 employees, according to a statement released Thursday by CBIZ.

As part of the deal, Pension Resource Group will be rolled into CBIZ Retirement Plan Services, a unit of CBIZ, the spokeswoman said in an email.

Pension Resource Group’s President Michael Croyle will become executive vice president or CBIZ Retirement Plan Services, and the firm’s 35 employees will continue to operate in their current locations as CBIZ Retirement Plan Services employees, the spokeswoman said.

According to the statement, Pension Resource Group reported about $4.8 million in revenue over the past 12 months.

“By combining PRG’s experienced pension consultants and actuaries, along with their propriety IPASMaster pension software platform, with our growing and nationally recognized CBIZ Retirement Plan Services business we can provide a total retirement solution that will better serve our clients,” CBIZ chairman and CEO Steve Gerard said in the statement.

“We are confident that joining forces with the current CBIZ retirement team will strengthen our ability to serve our clients,” Pension Resource’s Mr. Croyle said in the statement. “We feel the CBIZ culture and additional service offerings are a perfect fit for our associates and clients alike.”

CBIZ is the No. 18 largest broker of U.S. business, according to Business Insurance’s latest ranking.