Cobalt Benefits Group
Cobalt Benefits Group is a private third-party administrator that administers self-funded group health, vision, and dental plans for mid-to-large U.S. employers through its Cobalt and Great Bay Administrators brands, with an integrated Navion pharmacy benefit offering.
- Company typePrivate
- Founded2007
- HeadquartersExeter, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Cobalt Benefits Group does
Cobalt Benefits Group is a third-party administrator (TPA) for self-funded employer health benefit plans, headquartered in Exeter, New Hampshire and operating across the United States. Founded in 2007, the company administers group health, vision, and dental plans through its core brand Cobalt Benefits Group and its wholly owned subsidiary brand Great Bay Administrators (GBA), serving mid-to-large employer groups that self-fund their employee health benefits rather than purchasing fully-insured coverage. The company employs between 101 and 250 people and operates as a private for-profit entity.
The company's technology platform is a third-party administration system tailored to self-funded health benefit management, delivering plan administration, cost transparency tools, flexible plan design, and pharmacy benefit management. A strategic partnership with Navion, a pharmacy benefit consulting firm, supplements the core platform with clinical programs and expanded cost-containment strategies. The Navion partnership was launched as a pilot in January 2025 and expanded across Cobalt's entire client base in January 2026, with early results indicating up to 22% savings on pharmacy benefits for employer groups moving to the Cobalt/Navion model, translating to tens to hundreds of thousands of dollars in annual savings per client.
Revenue is generated through third-party administration fees structured as a recurring subscription aligned to employer group needs, with pricing not publicly disclosed and tailored per engagement. The go-to-market approach is direct enterprise sales driven by senior leadership with deep healthcare industry relationships, supplemented by strategic partnerships and referrals. The company is led by President and CEO William Meehan, founder Matt Ferguson, and Executive Vice President Duncan Stuart, the latter appointed in early 2026 to head the GBA sub-brand, bringing 30 years of healthcare industry experience including prior service as President of a regional health plan.
Cobalt Benefits Group firmographics
Firmographics- Name
- Cobalt Benefits Group
- Legal name
- Cobalt Benefits Group
- Website
- https://cobaltbenefitsgroup.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Cobalt Benefits Group is a private third-party administrator that administers self-funded group health, vision, and dental plans for mid-to-large U.S. employers through its Cobalt and Great Bay Administrators brands, with an integrated Navion pharmacy benefit offering.
- Ownership category
- akta.pro rank
Cobalt Benefits Group industry classification
Industry- Product category
- Third-Party Health Benefits Administration
- NAICS
- Health and Welfare Funds (525120), Health and Welfare Funds (52512), Insurance and Employee Benefit Funds (5251)
- SIC
- Insurance Agents, Brokers & Service (6411), Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)
- akta.pro primary industry
- Benefits Administration (BPACAPAC)
- akta.pro secondary industries
- Benefits Administration & Enrollment Support (BPAAAIAB), Dental Benefit Administration (DBA) & ASO/TPA for Dental (HLAEAIAJ), Employer-Sponsored Dental & Vision (Group) (FSAIAHAH), Reinsurance Solutions for Group Benefits (Group Life, Group Disability, Supplemental Health) (FSAOAAAH), Group Dental Plans (Employer-Sponsored) (HLAEAIAG)
Keywords
Where Cobalt Benefits Group is headquartered
LocationHeadquarters
- HQ city
- Exeter
- HQ country
- United States
- HQ region
- North America
Markets served
Cobalt Benefits Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Third-Party Administration Fees: Revenue generated through administrative services provided to self-funded employers, including plan administration, cost transparency tools, and flexible benefit plan management.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Cobalt Benefits Group product offering
Product offeringCore offering
Cobalt Benefits Group is a third-party administrator that manages self-funded group health, vision, and dental benefit plans for mid-to-large employers across the United States through brands such as Cobalt Benefits Group, CBA Blue, EPBA, and Great Bay Administrators (GBA). The company provides plan administration, cost transparency tools, flexible benefit plan designs, and pharmacy benefit management solutions delivered in partnership with Navion, including clinical programs and cost-containment strategies for self-funded employer groups.
Product overview
Cobalt Benefits Group is a third-party administrator serving self-funded employers across the U.S., operating through its brand portfolio including Great Bay Administrators (GBA). The company offers pharmacy benefit management solutions in partnership with Navion, enabling employer groups to access clinical programs, expanded value levers, and cost-containment strategies.
Differentiator
Problem solved
Functional benefit
Brands
- Great Bay Administrators (GBA): Third-party administrator brand serving self-funded employers nationwide, delivering cost transparency and flexible plan designs.
Products and services
- Self-Funded Health, Vision, and Dental Plan Administration Third-party administration of self-funded group health, vision, and dental benefit plans for mid-to-large employer groups nationwide, providing cost transparency tools, flexible plan designs, and administrative control over benefits programs.
- Pharmacy Benefit Management (Navion Partnership) Integrated pharmacy benefit management delivered through Cobalt's strategic partnership with Navion, providing clinical programs, expanded value levers, and cost-containment strategies to self-funded employer groups, with reported savings of up to 22% on pharmacy benefits.
- Great Bay Administrators (GBA) Sub-brand serving as a third-party administrator for self-funded employer groups nationwide, offering cost transparency and flexible plan designs under Duncan Stuart's leadership as EVP.
Quantifiable outcome
- Up to 22% savings on pharmacy benefits for employer groups moving to the Cobalt/Navion model, translating to tens to hundreds of thousands of dollars in annual savings per client
Companies that use Cobalt Benefits Group
Customer profileSegments1 record
Ideal customer profiles1 record
Cobalt Benefits Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cobalt Benefits Group partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- NavioncoreStrategic partnership with Navion, a pharmacy benefit consulting firm, to enhance pharmacy management solutions and reduce costs for self-funded employers. The collaboration expanded across Cobalt's entire client base following a successful pilot program launched in January 2025. The partnership enables employer groups to access clinical programs, expanded value levers, and cost-containment strategies. Early results demonstrate up to 22% savings for groups moving to the Cobalt/Navion model.
Scale indicators2 records
Recent moves4 records
Expansion highlights4 records
Cobalt Benefits Group competitors and assessment
Company assessmentBroad incumbents
- ADP TotalSource: Major HR outsourcing/BPO provider with benefits administration capabilities serving employers. Comparable customer segment (self-funded/mid-market employers) with broader HR scope.
- Lockton: Largest independent insurance brokerage globally, with deep benefits consulting and self-funded plan expertise. Competes for the same mid-to-large self-funded employer clients as Cobalt.
- OneDigital: Large national benefits brokerage and consulting firm with TPA-adjacent capabilities. Competes with Cobalt for mid-to-large self-funded employer relationships via integrated advisory + admin.
Direct peers
- Lucent Health: TPA focused on self-funded health plans for mid-market employers, with integrated pharmacy benefit management. Closely comparable to Cobalt's TPA + PBM-partnered model.
- BeneSys: TPA administering benefits for multi-employer and self-funded welfare plans. Comparable TPA business model with similar target customer base to Cobalt Benefits Group.
- HealthSmart: Third-party administrator providing self-funded plan management, PBM, and cost-containment services to employers. Comparable scale and target customer segment as Cobalt Benefits Group.
- Maestro Health: Third-party administrator offering self-funded employer health plans with integrated benefits management. Directly comparable to Cobalt in serving mid-to-large self-funded employer groups with cost-containment solutions.
- Empyrean Benefit Solutions: TPA providing benefits administration technology and services for self-funded employers. Comparable in scale and self-funded employer focus as Cobalt Benefits Group.
- Allied Benefit Systems: Independent TPA administering self-funded health and welfare plans for employers and groups nationwide. Directly comparable business model and customer type as Cobalt.
Emerging players
- Benefitfocus (Vertafore): Benefits administration technology platform serving carriers, TPAs, and employers. Partial overlap with Cobalt as an admin-tech layer in the self-funded benefits ecosystem.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
Cobalt Benefits Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cobalt Benefits Group leadership team
Management profileNumber of profiles
Profiles3 records
Cobalt Benefits Group subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cobalt Benefits Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cobalt Benefits Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cobalt Benefits Group
What does Cobalt Benefits Group do?
Cobalt Benefits Group is a third-party administrator that manages self-funded group health, vision, and dental benefit plans for mid-to-large employers across the United States through brands such as Cobalt Benefits Group, CBA Blue, EPBA, and Great Bay Administrators (GBA). The company provides plan administration, cost transparency tools, flexible benefit plan designs, and pharmacy benefit management solutions delivered in partnership with Navion, including clinical programs and cost-containment strategies for self-funded employer groups.
Is Cobalt Benefits Group a public or private company?
Cobalt Benefits Group is a private company. It is classified as unknown and is currently operating.
When was Cobalt Benefits Group founded?
Cobalt Benefits Group was founded in 2007. It employs 101 to 250 people.
Where is Cobalt Benefits Group based?
Cobalt Benefits Group is headquartered in Exeter, United States, in the North America region.
How does Cobalt Benefits Group make money?
One revenue line is on record: third-Party Administration Fees.
Who are Cobalt Benefits Group's main competitors?
Broad incumbents on record are ADP TotalSource, Lockton and OneDigital. Direct peers are Lucent Health, BeneSys, HealthSmart, Maestro Health, Empyrean Benefit Solutions and Allied Benefit Systems. Benefitfocus (Vertafore) is listed as an emerging player.
Does Cobalt Benefits Group have an API?
No public API is recorded for Cobalt Benefits Group.
What industry is Cobalt Benefits Group in?
Cobalt Benefits Group's product category is Third-Party Health Benefits Administration. Its primary akta.pro industry code is BPACAPAC, Benefits Administration, with a secondary code of BPAAAIAB, Benefits Administration & Enrollment Support. Its NAICS code is 525120 and its SIC code is 6411.