Benecon Appoints Michael Sullivan as Chief Commercial Officer

Leadership addition brings deep market expertise to accelerate VERIS growth

LANCASTER, Pa., Aug. 5, 2025 /PRNewswire/ -- The Benecon Group, a national leader in self-funded healthcare solutions, today announced the appointment of Michael Sullivan as Chief Commercial Officer (CCO). This strategic appointment comes as the company scales its national consortium solution, VERIS, into its next phase of commercial acceleration.

A veteran healthcare executive, Sullivan brings over 25 years of experience leading complex benefit and insurance organizations, including executive leadership roles at Independence Health Group, AmeriHealth Administrators, and Highmark. Sullivan's deep expertise in stop loss, third-party administration, product strategy and distribution partnerships, paired with his proven track record driving large-scale growth across regional and national markets, makes him uniquely positioned to lead Benecon's commercial operations at this pivotal moment.

"VERIS resonates across the market for its employer control, risk protection, and cost predictability," said Matthew Kirk, CEO of The Benecon Group. "Michael's appointment ensures we build on that traction with operational precision, partner enablement and national scale. He brings a strategic lens, a commercial playbook, and the experience to scale our growth engine across the country."

VERIS by Benecon is an independent consortium model that leverages actuarial intelligence and underwriting precision to drive sustained health plan performance. Through data-driven design and stop-loss purchasing power, VERIS is a validated platform with over a decade of proven results — and is now primed for broader reach.

As Chief Commercial Officer, Sullivan will lead Benecon's go-to-market execution across all fronts, including advisor activation, channel strategy, regional expansion, and strategic partnerships.

"VERIS is a blueprint for scalable self-funding and has already proven its value to advisors and employers across the country," said Sullivan. "In partnership with the expert team at Benecon, my focus is to amplify that success, deepen our partner relationships, and unlock the full market potential of this platform."

Throughout his career, Sullivan has led multi-line commercial health insurance businesses serving hundreds of thousands of members and generating over $1 billion in annual revenue. He has grown TPA business units, launched new lines of business across multiple markets, and held a C-level role with national scope and operational responsibility across all 50 states.

"Benecon's appointment of a Chief Commercial Officer is a clear investment in growth, discipline, and long-term category leadership," said Jason Mironov, Managing Director at TA Associates ("TA"), Benecon's private equity partner. "Michael brings the experience, network and commercial strategy needed to drive the next phase of VERIS expansion."

"In the rapidly evolving self-funded healthcare market, VERIS stands apart for its actuarial strength, scalability and advisor-friendly design," said Michael Berk, Managing Director at TA. "Michael's leadership will help Benecon meet growing market demand with clarity and precision."

"Employers and advisors are seeking solutions with consistency, predictability and scale," added Michael Smith, Managing Director at Neuberger Berman Private Markets. "VERIS delivers on those expectations, and Michael's appointment signals a strong commitment to continued expansion."

About Benecon

VERIS by Benecon is a self-funded healthcare model built for control, capped liability, and long-term plan performance. Unlike models that work to get companies into self-funding, VERIS is built to keep them there - through actuarial design, underwriting precision, and built-in risk protections. As the only national, independent consortium, it secures the full plan - not just the 30% typically covered by stop-loss. VERIS defines total cost exposure up front and delivers guaranteed renewals, rate caps, no new lasers, and full surplus return. It's self-funding, solved—where decisions and dollars stay where they belong - with the employer. Learn more at benecon.com.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit: www.ta.com.

About Neuberger Berman Private Markets

Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of March 31, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia.

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SOURCE Benecon