Risk Strategies buys broker focused on asset management

Risk Strategies Co. said Thursday that it has acquired Advisor Brokerage Services LLC of Austin, Texas.

Terms of the deal were not announced.

Advisor Brokerage Services is focused on serving alternative asset management firms and offers specialized insurance coverages for large financial institutions, hedge funds, private equity firms and family offices.

Its capabilities include insurance for portfolio investments, support for smaller placements, private client services, internal and external diligence, as well as request for proposal consulting for portfolio companies and subsidiaries.

Founded in 2014 by Principal Charles Newman, ABS is Risk Strategies’ first acquisition in Austin, the statement said.

Boston-based Risk Strategies, the trading name of RSC Insurance Brokerage Inc., is the 16th-largest brokerage of U.S. business, according to Business Insurance’s latest ranking.