The company says it is now ranked among the Top 20 brokers in the U.S.
Risk Strategies, the Boston-based insurance brokerage firm which has seen exponential growth over the past 6 years, announced its first acquisition of 2017. On January 18th, the firm announced the purchase of University Health Plans (“UPH”), a brokerage firm specializing in student health insurance programs. Based in Quincy, UPH was founded and managed by William E. Devine. Under the terms of the transaction, UPH will be merged into Risk Strategies High Education Practice Group.
“At a time when clients are looking for simplified access to the expertise that can help them solve complex problems, like insurance, becoming part of Risk Strategies and its nationally recognized Higher Education Practice makes sense for us and our clients,” said UHP Founder and CEO, Bill Devine.
UPH distinguished itself via its proprietary on-line platform
According to Risk Strategies, one of the most attractive features of UPH’s business was its proprietary, web-based platform that catered to a niche market. The ease-of-use for the younger demographic using UPH’s platform, allowed for UPH’s clients’ students to easily navigate their schools’ student health insurance programs.
Via the UPH platform, students could review the student health insurance program offered at their school thereby allowing them to make a decision on whether to waive or enroll in the program. The UPH platform also allows students to opt-in to a wide variety of other ancillary coverages including vision, dental and international health insurance plans for those going on study-abroad programs.
“Bill has built out a robust business in a highly specialized space that, being web-based, is right in step with both the times and the end users of the service,” said John Cerasani, managing director of Risk Strategies Company’s Higher Education Practice. “We see UHP’s specialized focus in this market as highly complementary to our own expert-based approach.”
The addition of UPH almost doubles Risk Strategies Higher Education Practice
With the addition of UPH, Risk Strategies has almost doubled the size of its growing Higher Education Practice group. Prior to the merger, Risk Strategies’ Higher Education Practice included more than 100 colleges and universities among its roster of clients. With the addition of UPH to its practice, the company adds over 80 additional higher education clients to its practice, including many local institutions such as UMass, Wellesley, Wheelock, and Bentley.