#USA #Lancaster #Benecon #Michael Sullivan #VERIS

Benecon Accelerates Growth with Appointment of Michael Sullivan as Chief Commercial Officer

The Benecon Group, a prominent entity in self-funded healthcare solutions, recently revealed the exciting news regarding the appointment of Michael Sullivan as its new Chief Commercial Officer (CCO). This strategic decision is poised to enhance the company’s efforts in scaling its renowned product, VERIS, into a new phase of commercial success.

Sullivan, with an impressive background in the healthcare sector, brings a wealth of experience spanning over 25 years. His extensive resume includes senior leadership positions at notable organizations such as Independence Health Group, AmeriHealth Administrators, and Highmark. This rich professional background equips him with unique insights into complex insurance and benefit arrangements, particularly within the realms of stop-loss insurance, third-party administration, product strategy, and collaborative alliances. His proven ability to drive significant growth on both regional and national levels uniquely qualifies him to guide Benecon’s commercial division during this crucial period of development.

Matthew Kirk, CEO of The Benecon Group, expressed confidence in Sullivan’s appointment, stating, "VERIS has garnered substantial market traction due to its employer control, cost predictability, and risk protection. Michael’s leadership will enable us to translate that momentum into a stronger operational framework, enhance partner engagement, and expand our reach across the nation. He offers not only strategic oversight but also a comprehensive commercial strategy necessary for fueling our growth across diverse markets."

VERIS, the innovative solution by Benecon, operates as an independent consortium model esteemed for its utilization of actuarial intelligence and precise underwriting to assure sustained health plan performance. The offering benefits from a decade of documented success, supported by robust data-driven strategies and advantages in stop-loss purchasing, rendering it a validated option for employers nationwide.

In his new role as CCO, Sullivan is tasked with overseeing all go-to-market strategies, including activating advisors, formulating channel strategies, and enhancing strategic partnerships while also promoting regional growth. He stated, "VERIS serves as a template for self-funding and has proven its value for advisors and employers alike. Working alongside the talented Benecon team, my goal is to amplify this success, deepen partner relationships, and fully leverage the market potential of this robust platform."

Throughout his career, Sullivan has a track record of steering multiple commercial health insurance ventures that have catered to hundreds of thousands of members and generated over $1 billion in annual revenue. His experience includes growing Third Party Administration (TPA) business segments, launching innovative product lines, and executing C-level responsibilities that extend nationwide.

According to Jason Mironov, Managing Director at TA Associates, Benecon's private equity partner, the hiring of a Chief Commercial Officer reflects a strong commitment to advancing growth and maintaining long-term leadership in the sector. He remarked, "Michael embodies the requisite experience, network, and commercial insights to facilitate the next phase of VERIS’s growth trajectory."

Michael Berk, Managing Director at TA, also highlighted the distinctiveness of VERIS amid a rapidly shifting self-funded healthcare landscape, emphasizing its actuarial capabilities, scalability, and design tailored for advisors. Furthermore, he noted that Sullivan’s leadership will be instrumental in addressing growing market demands with enhanced clarity and efficiency.

Echoing this sentiment, Michael Smith, Managing Director at Neuberger Berman Private Markets, pointed out the increasing demand from employers and advisors for solutions that offer consistency, predictability, and scalability. He affirmed that VERIS meets these market expectations and emphasized that Sullivan’s appointment signifies a robust commitment to further expansion.

About Benecon

VERIS by Benecon stands as a cutting-edge self-funded healthcare model designed for optimal control, capped liability, and excellent long-term performance. Unlike conventional models that facilitate entry into self-funding, VERIS emphasizes maintaining that status through precise actuarial design, accurate underwriting, and intrinsic risk safeguards. Uniquely positioned as the sole national independent consortium, it comprehensively secures health plans beyond the typical 30% covered by stop-loss arrangements. VERIS not only defines total cost exposure upfront but also provides guarantees on renewals, establishes rate caps, eliminates new lasers, and includes full surplus returns. It embodies the solution for self-funding, ensuring that decision-making stays firmly within the hands of employers. For more details, visit benecon.com.

About TA Associates

TA Associates is a globally recognized private equity firm focused on energizing growth in profitable businesses. Since its inception in 1968, TA has invested in over 560 companies across technology, healthcare, financial services, and consumer and business services sectors. By leveraging its vast industry knowledge and strategic resources, TA partners with management teams worldwide to deliver sustainable value. To date, the firm has raised $65 billion in capital and maintains a workforce of over 150 investment professionals across its offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong.

About Neuberger Berman

Neuberger Berman Private Markets, a division of Neuberger Berman, has established a deep foundation in private markets since 1987. The team invests across diverse strategies, asset classes, and geographies, catering to a wide range of esteemed institutions and individuals globally. As of March 31, 2025, Neuberger Berman Private Markets manages over $140 billion in commitments across various investment opportunities and employs a proficient team of more than 440 professionals stationed in 15 offices worldwide.