US-based financial services company, CBIZ has completed acquisition of a Texas-based insurance broker Stoltz and Company, effective from 01 July 2012.
The transaction is expected to amount to $3.2m in annualized revenue, along with 13 employees to CBIZ.
CBIZ chairman and CEO Steven Gerard said, "The acquisition of Stoltz and Company is an important step in building out our national property and casualty footprint as well as expanding our presence in both the captive risk and energy markets.''
Stoltz and Company founder Mark Stoltz said joining CBIZ will enable the company take its business to the next professional level, in addition to expanding its national energy practice.
''With the new CBIZ partnership our clients will continue to come first while receiving the additional resources and expertise offered by CBIZ," Stoltz added.
Founded in 1990, Stoltz and Company provides multiple insurance products and services including property and casualty insurance, personal lines and employee benefits, and specializes in oil and gas related risk management.
CBIZ offers professional business services to clients including accounting and tax, internal audit, merger and acquisition advisory, and valuation services across US.