CLEVELAND, Dec. 22, 2011 /PRNewswire/ --CBIZ, Inc. (NYSE: CBZ) today announced that it has acquired the defined benefit actuarial consulting practice of PSA Insurance and Financial Services of Hunt Valley, MD., effective November 1, 2011. PSA continues to provide defined contribution plan services to its clientele.
The defined benefit actuarial consulting book of business recorded approximately $1.2 million in revenue during the past twelve months and includes four associates servicing the business.
Steve Gerard, Chairman and CEO of CBIZ, stated, "The acquisition of the defined benefit actuarial consulting practice of PSA is a great cultural fit and business model for CBIZ and complements our existing retirement planning practice in the Mid-Atlantic."
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting and tax, internal audit, merger and acquisition advisory and valuation services. Employee services include group benefits, property and casualty insurance, retirement plan consulting, payroll, HR consulting, and wealth management. 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.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or visit our web site at www.cbiz.com.
SOURCE CBIZ, Inc.
