Boston-based Brokerage firm adds Connecticut agency
Risk Strategies has added a Connecticut-based employee benefits specialist agency to its growing national practice. This month, the brokerage firm welcomed the Gerard B. Tracy Associates, Inc. to its ranks. No further terms of the deal were disclosed.
“Risk Strategies was founded on the belief that specialization and expertise are required to win and keep business, because clients are facing complex, costly challenges,” said John Greenbaum, Risk Strategies’ National Employee Benefits Practice Leader. “Gerard B. Tracy Associates has endured and thrived because they can deliver that type of expertise. It’s a great fit.”
Founded in 1948, the firm has over seven decades of experience in crafting employee benefits programs for both public and private entities, with a particular emphasis on higher education institutions.
Based in Fairfield, Connecticut, Gerard B. Tracy Associates, Inc. was founded in 1948, and since then has had a successful history of creating employee benefits programs for a variety of public and private entities with a specialty focus on institutions of higher education. Many of Gerard B. Tracy Associate’s clients include organizations based in the Northeast.
“We know the power of specialization and expertise coupled with truly understanding clients’ needs and the complexity of their own business operations,” explained Tim Tracy, Jr., Vice President, Gerard B. Tracy Associates, Inc. “Joining a true specialty brokerage firm like Risk Strategies is a perfect way to connect our clients with additional resources while opening new paths to grow our business.”
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, significantly 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.
