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Boston-based Risk Strategies Co. Inc. said on Wednesday it has acquired Risk Management Advisors Inc., a California-based captive manager in a move strengthening its alternative specialty portfolio.
Terms of the deal were not disclosed.
Founded in 2004, Risk Management Advisors develops, designs and administers captive insurance programs and self-insured plans for a variety of industries, including manufacturing, trucking, contractors, finance and commercial property owners, Risk Strategies said in a statement.
The deal strengthens the firm’s alternative specialty portfolio and follows its July 2018 acquisition of Maryland-based captive consultancy Oxford Risk Management Group, Risk Strategies said.
“Constructing a compliant captive insurance program and operating it for maximum effect is not a sideline task, it requires focus,” Wesley Sierk, president and co-founder, Risk Management Advisors Inc., said in the statement. “Risk Strategies understands that specialty focus is what brings clients real value, which makes it a perfect partner as we seek to grow.”
All 16 Risk Management Advisors staff will join Risk Strategies, a spokeswoman confirmed.
Risk Strategies is the 16th largest brokerage of U.S. business, according to Business Insurance’s latest ranking.
Risk Strategies Co. Inc. said Monday that it has acquired reinsurance specialist Re-Solutions Intermediaries L.L.C.