Fulcro merges with Retention Strategies to boost employee benefits, HR offer
Insurance brokerage firm Fulcro is strengthening its benefits and human resources offering by merging with Retention Strategies, a full-service firm with significant expertise in both areas, announced Enrique Pérez-Blanco, Fulcro’s first officer of growth and innovation.
“This merger brings together two successful entities whose culture has been proven to invest in tools that facilitate benefits administration, control costs and develop a robust offer of well-being to improve the health of our client’s staff,” he said.
“We are beyond excited about everything this brings to our team and the innovation that’s to come,” Pérez Blanco said regarding the merger, which will increase the portfolio of the company’s benefits practice by 40%.
Meanwhile, Bettye Baldwin, managing principal of Retention Strategies, said the merger will result in a business model that “will greatly benefit clients of both firms.”
“Fulcro just became a one-stop shop for human resources management and finance solutions, a trusted company that you can go to strategize and meet all your needs,” said Baldwin, who co-founded the company in 2009 with Marisol Ortiz.
“With our combined knowledge and experience, we are confident we have the resources to provide innovative solutions that will support your business needs,” she said, adding there is a “cultural harmony between both firms.”
“Fulcro stands out for its service focused on constantly holding their clients’ hand: monitoring, guiding and seeking alternatives to enhance their experience. At Retention Strategies, our approach is very similar,” Baldwin said.
“We work with our clients to develop the trusted partnership required to innovate and implement solutions. This combination makes our union even more powerful,” she said.
Innovation as a spearhead
Through Fulcro People, the new benefits management and human resources advisory division, the Puerto Rican capital company expands its offer based on innovation.
“About a year ago, we evaluated and identified the needs of human resources departments in the post-pandemic era. That’s why we design ways to add more value to our offering. We will focus on providing a deeper and more complete alternative to meet the needs of teams in terms of talent management, and other human resources solutions,” said Julio C. Ortiz, director of Fulcro People.
“Everything we’ve done in the last year, including this merger, has brought us here: to have unparalleled expertise in human resources management,” he said.
Ortiz emphasized that the market “has experienced contraction in recent years and many human resources departments are looking for creative and cost-efficient solutions,” and added that the “merger represents an opportunity for them to take advantage of the ‘one-stop shop’ with even more advice and services to retain talent, manage benefits and a wide range of other offerings that will be included.”
Fulcro People will offer strengthened services in actuarial studies; management of physical, mental and financial well-being; trend monitoring; and human resources consulting and support with talent recruitment. These services will be extended to Fulcro clients from the offices in Puerto Rico, Florida, Georgia and the Dominican Republic.
Growth and consolidation
This merger, along with the one announced at the beginning of the year with Luis Juarbe Seguros y Fianzas, is part of Fulcro’s growth plan. Pérez-Blanco said it is a commitment to local talent that strengthens the firm while promoting new ways of working.
“As we bring in experienced resources and proven successes, we establish ourselves as a valuable partner to our clients. They will no longer have to resort to several different companies to obtain services and attempt to bring them all together; at Fulcro, we are generating a unique space for them to get more value,” he said.