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Broker Risk Strategies Co. Inc. has acquired the two subsidiaries of privately held Gowrie Holdings Inc., Risk Strategies said in a statement Tuesday.
Terms of the deal were not disclosed.
The acquired entities are Gowrie Group, a specialty retail insurance brokerage, and Maritime Program Group, a marine-focused managing general agent, which together form the largest recreational marine insurance specialists in the U.S., Boston-based Risk Strategies said in the statement. Gowrie Holdings is based in Darien, Connecticut.
Founded by Carter Gowrie in 1974, Gowrie Group has more than 80 employees and five offices in the Northeast, while Maritime Program Group has more than 60 employees in six offices in the Eastern U.S., the statement said.
Gowrie Group offers several exclusive product and program products for marine risks and sailing organizations and also serves equine risks, nonprofits and public safety organizations, the statement said.
“Their scale in specialization, both in its retail and wholesale businesses, will add significantly to our current businesses and provide a great base for growth,” John Mina, Risk Strategies CEO, said in the statement.
“Risk Strategies, with its specialty-focus, national presence and diverse offerings, is a perfect match for both our retail and wholesale companies,” Carter Gowrie, Gowrie Holdings chairman and CEO, said in the statement. “We look forward to realizing our many synergies.”
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.