Crosby Benefit Systems, a provider of health and welfare outsourcing and insurance brokerage services, has announced that its insurance division has been acquired by Thorbahn Associates.

Mystic Capital Advisors Group has provided transaction advisory services to Crosby Benefit Systems. Harvey Crosby and his Newton-based team will continue to service all the current insurance clients of Crosby Benefit Systems. Crosby has added more than 25 new clients in 2007 and anticipates more growth in 2008.

Harvey Crosby, president and founder of Crosby Benefit Systems, said: This transaction will allow us to accelerate the expansion of our insurance business with a proven partner while, at the same time, continuing to focus our attention on benefits outsourcing and recordkeeping services. We have looked long and hard for the right partner, and I believe we have found that partner in Thorbahn.