Brokerages Oswald and RCM&D to merge
Reprints
Independent brokerages Oswald Cos. and Riggs, Counselman, Michaels & Downes Inc. have agreed to merge, the companies announced Tuesday.
The deal will create a company with close to $150 million in annual brokerage revenue.
Terms of the merger were not disclosed. The transaction is expected to close on or before Dec. 31, the companies said in a statement.
Cleveland-based Oswald, the 39th largest brokerage of U.S. business, according to Business Insurance’s latest ranking, and Baltimore-based RCM&D, the 69th largest, will maintain their brands and operate under the umbrella of holding company Unison Risk Advisors, the statement said.
The combined brokerages will be employee-owned and have more than 650 employees in 12 offices in the Mid-Atlantic region and the Midwest, the statement said.
Oswald reported brokerage revenue of $94.5 million in 2019. About 35% of its business is commercial retail brokerage, about 58% is employee benefits and 5% personal lines.
RCM&D reported $47.2 million in brokerage revenue last year. About 65% of its business is commercial retail brokerage, about 14% employee benefits and about 3% personal lines.
Both companies are members of the Assurex Global brokerage network.
Read Next
-
2020 US Insurance Awards: Oswald Cos., Broker Team of the Year (< $500 million)
From the start of his 36 years at Oswald Cos. — a Cleveland-based brokerage and risk management firm — health, education and human services organizations have been on the radar screen of Executive Vice President William Brancovsky.
