National insurance brokerage and risk management firm, Risk Strategies, announced the acquisition of Craford Benefit Consulting, a full-service employee consulting and benefit brokerage firm headquartered in San Rafael, Calif.

This is one of three new acquisitions in the employee benefits space for Risk Strategies as they also announced their acquisition of Costello Benefits Group and Corporate Benefit Audits in late May. Terms of the deal were not disclosed.

With employee benefits consistently a top three expense for companies, Craford has specialized in helping large employers solve business problems that revolve around benefit programs and their financing, including the utilization of stop-loss and reinsurance coverage to balance risk, exposure and cost.

“We were attracted to Risk Strategies based on its culture, laser focus on clients and commitment to growing its brand,” says Mike Craford, managing principal of Craford Benefit Consultants. “Their teaming structure and national reputation for technical expertise is a natural fit for our approach to collaborating with clients and carriers, and managing risk.”

With in-house actuarial capabilities driving its financial modeling capabilities, Craford has expertise in linking plan design, contribution strategy and risk management to produce economic results. The company has established a track record of creativity transitioning clients from fully insured to self-insured plans.

“For employers and end users, traditional health insurance is largely broken, and we’ve seen interest in alternative approaches to structuring and funding employee benefit plans,” says John Greenbaum, national employee benefits practice leader at Risk Strategies. “We see Craford’s capabilities in these areas as a great fit for our practice, our clients and the times.”

See also: Sun Life-Maxwell Health deal may signal more insurance acquisitions ahead

Craford’s market focus among its clients and prospect base is also seen as a solid fit for Risk Strategies, with a position in delivering health and welfare advisory services to private equity firms and their portfolio companies and service capabilities suited to building out business in rapidly emerging sectors such as association benefit plans.

The acquisition also adds to Risk Strategies’ employee benefits HR consulting capabilities. Craford’s consulting experts help clients navigate a wide range of difficult HR situations including regulatory compliance such as interpretation of Davis-Bacon Act and prevailing wage issues.

The company also brings human capital management consulting capabilities including leadership development and training and remote workforce strategies, executive and sales coaching, and assessment.

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