Risk Strategies’ presence in the Lone Star State is getting bigger. The Boston-based insurance brokerage and risk management firm has added to its growing ranks this month with the acquisition of the Houston-based MainStreet Consulting Group.
“MainStreet is a great fit for our company as we build out our presence in Texas,” said John Vaglica, Risk Strategies’ Chief Financial Officer. “We’re particularly excited that this acquisition will provide Risk Strategies entry into the energy space for the first time and do so with a highly qualified team.”
Established in 2003, MainStreet is headquartered just outside of Houston in Conroe, TX, and focuses mainly on commercial insurance. According to the official announcement, while the Houston-based brokerage firm offers both personal and commercial lines products, its main focus is on commercial insurance where it serves its clients in various industries, including manufacturing, construction, and as noted above, energy.
In addition to Property & Casualty insurance, another important part of MainStreet’s business concerns developing alternatively funded employee benefits programs for its commercial clients. The company also notes that it works with many personal lines clients providing them with both insurance placement and risk management advisory services.
“Joining up and becoming part of Risk Strategies was a winning idea as we sought ways to expand our business and provide deeper expertise for clients in today’s rapidly changing business world,” said MainStreet Consulting Group President and CEO, Dee VanSchoick, Jr.
Risk Strategies has had a presence in Texas since 2016
It has been three years since Risk Strategies made its first foray into the state with the acquisition of McLaughlin-Brunson, a specialty brokerage focused on professional liability and other risk issues for architectural, engineering and design firms. Following that acquisition, the Boston-based firm went on to acquire private lines specialty agency Terrell Insurance Services, Inc. in 2017. In 2018, the Boston-firm further increased its presence with two more acquisitions: Select Insurance Markets, LLP (SIM) and Preferred Personal Insurance Agency, LLP (PPIA). The SIM-PPIA acquisition added new resources and capabilities to Risk Strategies’ national private client practice in both the wholesale and retail capacities.
Risk Strategies’ financial backing from private equity firm fuels growth
Founded in 1997, Risk Strategies has grown over the last 18 years to become one of the largest insurance brokerage firms in the U.S. The privately-held Risk Strategies focuses on middle and upper-middle market commercial and high-net-worth clients with its vertical industry expertise including healthcare, higher education, manufacturing, professional liability, construction, entertainment, fine arts, private equity, private client and real estate.
In October of 2014 Risk Strategies acquired the DeWitt Stern Group, greatly expanding its Private Client practices into New York City, Chicago, Los Angeles, and Sacramento. In July 2015, it went on to acquire the Burlingame, California-based MacCorkle Insurance Services giving it a foothold in the San Francisco area. In October 2015, the firm established a new Private Client practice in the Southern states of Tennessee, Georgia, and Alabama via its previous acquisition of the Crow Friedman Group.
In November 2015, Kelso & Co., one of the oldest and most established firms in the private equity industry as well as a leading investor in the insurance sector, announced that it had acquired a majority stake in Risk Strategies.