Private equity firm buys control of Boston brokerage Risk StrategiesReprints
Risk Strategies Co., a privately held commercial insurance and benefits brokerage, said on Thursday that Mount Kisco, N.Y.-based private equity firm Kohlberg & Co. has acquired a majority of RSC stock.
While terms of the transaction were not disclosed, Boston-based RSC said Kohlberg has reserved “substantial additional equity capital” to support its client and growth initiatives.
As part of the transaction, insurance industry veteran Roger E. Egan has joined RSC's leadership team as executive chairman. Mr. Egan previously was CEO of Integro Ltd. and president of Marsh Inc.
RSC CEO and founder Michael Christian said the deal leaves the company's executive team intact while giving it greater resources to continue growth and expansion plans. RSC was ranked No. 61 in the Business Insurance 2012 ranking of the top 100 U.S. commercial insurance brokers.
“With the support of our new partners, we will rapidly accelerate our plans to be a more powerful force in the brokerage arena,” Mr. Christian said in a statement. “Roger Egan's deep industry experience will be invaluable in our continuing development and implementation of our strategic growth plans.”
Mr. Egan said in an interview RSC, which was founded in 1997, would seek strategic mergers and acquisitions to help expand beyond its current geographic stronghold in the Northeast.
“I am excited about working with Mike and his team as we seek to expand the firm's national footprint, add resources, and build value for clients, partners and shareholders,” Mr. Egan said in a statement.