Alera buys network of risk management agencies

Alera Group Inc. said Thursday it has acquired Heritage Risk Management, a network of independent agencies that serve clients in Texas, Oklahoma, Colorado and New Mexico.

Terms of the transaction were not disclosed.

Heritage provides risk management expertise across various industries, including agriculture, banking, oil and gas, construction, transportation, professional services, technology, manufacturing, health care, medical malpractice and employee benefits.

Lubbock, Texas-based Heritage has about 20 employees listed on its website. They will continue serving clients in their existing roles, Alera said.

Deerfield, Illinois-based Alera is the 17th-largest broker of U.S. business, according to the latest Business Insurance rankings, with 2020 revenue of $554 million.