Risk Strategies makes another N.J. buy

Boston-based brokerage Risk Strategies Co. on Tuesday said it has acquired broker KRA Insurance Agency Inc., including KRA’s wholly-owned subsidiary, KRA Life Agency Inc.

Terms of the deal were not announced.

KRA, based in Springfield, New Jersey, specializes in professional liability, construction, real estate, hospitality, not-for-profits and the high-net-worth industry segments, the statement said.

KRA has about 38 employees, according to its website.

John Scroope, national director of retail operations for Risk Strategies, said the broker is seeing “tremendous growth in New Jersey.” KRA is the second New Jersey-based acquisition for Risk Strategies in the fourth quarter this year, the statement said.

Risk Strategies is the 16th-largest brokerage of U.S. business, according to Business Insurance’s latest ranking.