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NEEDHAM, Mass.—Risk Strategies Co., a Boston-based mid-market insurance brokerage and risk management consulting firm, has acquired Needham, Mass.-based Global Insurance Network Inc., an independent insurance agency providing insurance services in the Boston area.
Terms of the deal, which closed Dec. 1, were not disclosed.
The transaction is RSC's second in the past year. Earlier, RSC completed a merger with Cohn-Reid-O'Neill Insurance Services Inc. in San Mateo, Calif., to further establish its West Coast operations.
“Risk Strategies' acquisition of Global Insurance Network is an important component of our strategic growth plan that allows us to diversify our client portfolio and further expand our professional staff and client base in the Boston area,” Michael Christian, RSC CEO, said in a statement.
“Over the past decade, Global established a strong reputation and stable client base in the real estate and condo insurance sectors. These clients now have direct access to all of our products, services and expert resources nationwide. We are thrilled to welcome their staff and clients to the Risk Strategies team,” he said.
As part of the transaction, Global co-founder and President Bernard Gitlin will join RSC as executive vp. He will focus on expanding Global's core capabilities for RSC.
RSC is a national brokerage firm distributing property and liability insurance and employee benefits products to both privately held and publicly traded middle-market business clients. In addition to Boston, RSC has offices in Providence, R.I.; New York; Chicago; and Irvine, Sacramento, Los Angeles and San Francisco in California.