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Member, Beacon International Group, Ltd.
Hunt Valley, Md.-based All Risks Ltd. on Wednesday acquired St. Paul, Minn.-based Stonebridge Underwriters Inc., a national general agency and program administrator.
Terms of the transaction were not disclosed.
All Risks' statement described Stonebridge's multiline programs as competitively priced and supportive of underserved classes of business.
“Similar to our National Specialty Programs unit, Stonebridge works with financially strong, 'A' rated carriers to provide competitive insurance products to niche markets,” All Risks Senior Vice President Chris McGovern said in the statement.
“Integrating Stonebridge's successful program business to our current national program platform was a natural fit. Their enhanced coverages and expanded niche expertise bolsters our exclusive program offerings to our retail partner network.”
Stonebridge President Bryan Meyer and his staff will continue to operate from St. Paul as part of All Risks' National Specialty Programs unit, according to the statement. They will focus on expanding existing programs for assisted living facilities, specialty contractors, convenience stores, coin-operated laundries and dry cleaners, golf courses, hotels and motels, pawnshops and tattoo and body-piercing artists.
All Risks was ranked as the fifth largest property/casualty insurance wholesaler in Business Insurance's 2013 ranking.