The Boston-based brokerage firm’s buying spree continues
Risk Strategies continues its national expansion with another acquisition this summer in San Diego. The Boston-based brokerage firm announced the acquisition of Winter Group, Inc., a specialty insurance program manager focused on the trucking industry, particularly in cross-border transportation risks. Further terms of the agreement were not disclosed.
“Strong, continued economic growth is driving rapid expansion in the U.S. transportation sector at a time when technological and road safety advances are creating new opportunities for differentiation and specialization,” said Matthew Power, Senior Managing Director (Wholesale) of Risk Strategies. “More than ever, brokers serving this industry need more than access, they need a specialist like Winter Group on their side.”
A presence in eight states
A beneficial addition to Risk Strategies growth within the transportation industry, Winter Group serves over 17,000 through its office locations in eight states: California, Texas, Florida, Washington, South Carolina, Atlanta, North Carolina and Ohio. In addition to its national presence, the Group also is considered a market leader with respect to NAFTA transportation risk management and compliance and acts as a program administrator for several national trucking associations
“Risk Strategies is a highly collaborative and innovative firm,” said Phillip Winter, Managing Director of Winter Group. “Its focus on distinctly differentiated niche areas of our industry, and an acquisition strategy centered on specialty wholesale organizations, is a perfect foundation on which our team, customers and stakeholders can grow and thrive.”
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 top 20 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.